Cuba's prime minister has presented lawmakers with an emergency economic package featuring sweeping free-market reforms. Backed by the Communist Party and former leader Raul Castro, the proposal includes 176 market-liberalization measures across 23 core areas. While the party stated these changes are not a deviation from the socialist project, one member described them as a response to an economic war.
The proposed measures, which await approval by the National Assembly, would privatize a vast swath of the socialist economy. This includes opening the door to private real estate development, allowing private banks to enter the finance sector, and transforming state-owned businesses into private commercial ventures with shares and equity stakes. The reforms also aim to reduce the size of the state and attract more capital from Cubans living abroad.
These unprecedented measures come as Cuba attempts to rescue a moribund economy squeezed by ongoing US pressure, a longstanding embargo, and increasing sanctions, including an indictment of Raul Castro. An oil blockade imposed in January has brought the island's economy to the brink of collapse, marked by power cuts that have sometimes lasted over 30 hours.