Cuba’s Communist Party Approves Opening Economy in Unprecedented Move
Cuba’s Communist Party has approved a major economic reform package that would open key sectors of the economy to private enterprise and foreign investment in an unprecedented shift for the island nation.
The measures, which are expected to be approved by the National Assembly, include expanding opportunities for private businesses, attracting investment from Cubans living abroad, allowing private banks to operate, and enabling state-owned companies to transition into commercial ventures with private ownership stakes.
President Miguel Díaz-Canel said Cuba’s economic crisis is not solely the result of external pressure and sanctions, acknowledging that bureaucracy, delays, and domestic policy shortcomings have also contributed to the country’s difficulties.
The reforms come as Cuba faces mounting economic challenges, increased US pressure, and growing international calls for economic and political change. Despite expected resistance from some Communist Party hardliners, Díaz-Canel said the changes are urgent and can no longer be delayed.
