Cuba approves sweeping 176‑point economic reform package

Cuban Prime Minister Manuel Marrero Cruz presented a 176‑point plan to the National Assembly, which was unanimously approved in an extraordinary session. The measures aim to open the state‑directed economy to private and foreign investment by allowing the purchase of real‑estate, the creation of private banks, the sale of shares in state‑owned enterprises, and the participation of foreign capital in sectors such as tourism, construction and finance. The reforms also lift limits on the size of private firms, extend the right to own multiple businesses, and grant greater autonomy to municipalities. President Miguel Díaz‑Canel and former leader Raúl Castro endorsed the package, stressing that it does not abandon socialism but is a “prerequisite for its preservation.” The changes come amid a severe economic and energy crisis worsened by a U.S. oil embargo and broader sanctions, which have caused chronic power cuts, shortages of food, fuel and medicine, and a 15 % contraction in GDP. The government hopes the reforms will attract foreign capital, revive tourism and stave off further social instability while maintaining the island’s socialist principles.