Overview
- The National Assembly unanimously approved the 176-measure package on June 18, formally allowing private banks and permitting foreign investors to take direct equity stakes in state firms.
- The reforms remove long-standing limits on private businesses, lift hiring caps, let companies import and export directly, give farmers access to foreign currency, and eliminate taxes and tariffs on solar equipment.
- President Miguel Díaz-Canel framed the program as a crisis fix that has the backing of Raúl Castro and said the moves respond to tighter U.S. sanctions and a near‑shutdown of fuel supplies.
- Major uncertainties remain because full legal texts and implementation timetables have not been published, Cuba’s investor protections are untested, and U.S. secondary sanctions could deter banks and firms from investing.
- If foreign capital and banking services return, the changes could ease blackouts and supply shortages; however, analysts warn that practical impact depends on clear laws, enforceable protections, and relief from sanction risk after years of gradual loosening since 2021.