The Cuban National Assembly unanimously approved a package of over 175 economic reforms on Thursday, marking the most significant shift in the country’s socialist model since the 1959 revolution. According to reports from Reuters, the measures are designed to address the most severe economic crisis in Cuba’s post-revolutionary history, exacerbated by persistent US sanctions.
The reform package authorizes the privatization of state-owned businesses, allowing them to be transformed into commercial ventures with equity stakes. For the first time, the government will permit private real estate development and the entry of private banks into the island’s financial sector. Additionally, the legislation enables the sale of state-owned properties to both national and foreign entities, including Cuban expatriates.
Prime Minister Manuel Marrero, who presented the measures, described the market as a necessary “instrument for the efficient allocation of resources.” While the move represents a departure from traditional Marxist economic doctrine, President Miguel Diaz-Canel insisted that the government remains committed to its socialist framework. “We are not renouncing socialism,” Diaz-Canel stated, framing the reforms as a strategic effort to improve the quality of life for citizens amidst debilitating energy shortages and a near-total standstill of public transport.
The legislation received full support from the Communist Party and former leader Raul Castro. The government maintains that these steps are essential to navigate the current economic blockade and sustain the country’s infrastructure under extreme pressure.