Cuba approves more than 175 historic reforms and paves the way for a more market-oriented economy

Cuban lawmakers unanimously approved a sweeping program of economic reforms that could mark the most significant change to the island's socialist model since the 1959 revolution. This decision comes as Cuba faces a severe economic crisis and persistent pressure from the United States.

The National Assembly has approved more than 175 measures aimed at modernizing the country's economy. The reforms are specifically designed to increase the role of the private sector, attract more investment, and stimulate growth in a context marked by chronic shortages, high inflation, and low productivity.

Among the most significant changes is the opening of the financial sector to private actors. The new provisions would allow private banks and private investments to enter a sector that was previously largely controlled by the state. This development represents a major turning point for the Cuban economic system.

The reforms also include a relaxation of the rules governing private companies. Businesses will now be able to employ more than 100 people, whereas strict limitations previously existed. Entrepreneurs will also be allowed to own multiple companies, a measure that could foster the emergence of a more dynamic private sector.

Cuban authorities present these changes as a necessary adaptation to current economic difficulties. The government claims it wants to preserve the fundamental principles of socialism while introducing greater flexibility to improve production, employment, and investment.

These measures come as Cuba is going through one of the most difficult economic periods in its recent history. The island is facing shortages of food, fuel, and medicine, while emigration is reaching record levels and tourism revenues are struggling to return to pre-pandemic levels.

For many observers, the adoption of these reforms represents a historic turning point. If fully implemented, they could profoundly transform the Cuban economy by giving a much greater role to market mechanisms, while maintaining the regime's political control over the country's key strategic sectors.