Overview
- The Communist Party gave its backing and the National Assembly approved the reforms on Thursday, presenting a consolidated package of 176 measures to move Cuba toward a more market-oriented economy.
- Key changes include converting state firms into commercial companies, allowing private businesses with no strict size limit, permitting foreign capital to invest in the private sector, and letting individuals hold foreign-currency accounts.
- Officials say the reforms are a crisis response to severe fuel shortages and widespread power cuts caused in part by recent U.S. sanctions and an effective oil blockade.
- Major questions remain about implementation because authorities have not published detailed timetables or regulatory steps, and investors may hesitate given the risk of U.S. penalties.
- The plan seeks to mobilize money from Cubans at home and abroad, allow limited property sales in tourism zones, and builds on earlier openings from 2011 and 2021 while keeping the party and state social responsibilities intact.