What to Know About Cuba's Measures to Open up Economy
The package gives municipalities and state firms more autonomy as officials seek to revive production, ease shortages and reduce state control.
- Cuba's Communist Party approved an emergency economic package aimed at decentralizing the island's state-run economy, introducing unprecedented market-oriented measures to stimulate growth.
- The announcement follows months of mounting United States pressure, including fuel embargoes and sanctions that forced international hotel chains Meliá and Iberostar to suspend Cuban contracts.
- Reforms grant greater autonomy to Cuba's 168 municipalities and about 2,000 state-owned enterprises, allowing them to manage foreign-currency revenue and enter partnerships with private businesses.
- New measures enable businesses to import and export goods directly, bypassing state intermediaries, while the government plans to phase out subsidies for basic products.
- Legislation reduces the number of ministries from 27 to 21 for efficiency, as Cuban President Miguel seeks to adapt market-oriented models used by China and Vietnam.
20 Articles
20 Articles
What to know about Cuba's measures to open up economy
Cuba’s Communist Party has approved an emergency economic package featuring unprecedented free-market measures to open up the struggling island’s economy. The measures are expected to decentralize Cuba’s state-run economy, allowing municipalities greater authority to approve businesses and manage foreign-currency revenue.…
Prime Minister Marrero presents a reform package with privatisations. Thus, among other things, state enterprises are to be converted into private companies with equity participation.
The Cuban government approved a comprehensive package of 176 measures of economic liberalization covering 23 fundamental areas of the national economy, in an attempt to rescue an economic situation that the executive considers critical and that is also under pressure from the sanctions imposed by the United States. The measures were approved by the Central Committee of the Communist Party of Cuba during a meeting held on Wednesday and, according…
Cuba Reforms Economy Under Pressure From the US: Companies, Banks, and Real Estate Sector Privatized
Cuban Prime Minister Manuel Marrero has presented sweeping measures to reform the Cuban economy. These were announced after the United States put pressure on the country by imposing sanctions. Among other things, companies, banks, and the real estate sector must be privatized. In total, this involves 175 measures. Follow all developments in the United States via our live blog.
Washington has been putting pressure on the island state for a long time to open up to assert its own interests. Prime Minister Marrero sees the new measures as necessary for the preservation of socialism in the country.
Hartford Courant
What to know about Cuba’s economic measures aimed at opening up the island’s economy
Cuba’s Communist Party has approved an emergency economic package featuring unprecedented free-market measures to open up the struggling island’s economy.
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