HAVANA — Cuba’s National Assembly has approved a broad package of economic reforms that expands the role of private enterprise, foreign investment and market-based mechanisms, officials said on Thursday, marking one of the country’s most significant economic policy shifts in decades. The measures are part of an effort by the government to address severe economic pressures while maintaining the country’s socialist system, according to Cuban authorities.
The reform package includes 176 measures covering areas such as private business activity, foreign trade, banking, investment, agriculture and state enterprise management, according to reports from Cuban officials and state media. The changes would allow greater autonomy for some businesses and expand opportunities for private participation in parts of the economy.
President Miguel Díaz-Canel said the reforms were intended to improve economic performance and reduce bureaucratic obstacles. “The country is not standing still,” Díaz-Canel said in remarks reported by media outlets, describing the measures as part of the government’s response to current economic challenges.
The changes include allowing businesses greater ability to engage in imports and exports without relying solely on state intermediaries, expanding private-sector activity and introducing measures related to private banking and investment, according to reports. Authorities have also discussed increasing opportunities for investment by Cubans living abroad.
Cuba’s government has said the reforms are designed to strengthen the economy without abandoning socialism. Prime Minister Manuel Marrero said market mechanisms could play a role in improving efficiency, according to reports on the reform proposals.
The announcement comes as Cuba faces ongoing economic difficulties, including shortages, inflation pressures and energy problems. Cuban officials have blamed external restrictions, including longstanding U.S. sanctions, for contributing to economic challenges, while critics of the government have also pointed to domestic policy issues.
The reforms have received mixed reactions among residents and observers. Reuters reported that some Cubans expressed cautious support for greater economic opportunities, while others questioned how quickly the measures would be implemented and whether they would improve daily life.
The government has not provided a complete timeline for implementing every measure, and details on how some policies will operate in practice remain unclear. Officials said additional regulations and procedures would be needed as the reforms move forward.
As of Sunday, Cuban authorities were continuing the process of putting the approved reforms into effect. The government said the changes were intended to modernize economic management while preserving the country’s existing political system.
