Cuba adopts 176‑point economic reform package to liberalize markets

The Cuban government announced a sweeping package of 176 measures grouped into 23 thematic axes aimed at liberalising and decentralising the island’s economy. Prime Minister Manuel Marrero Cruz presented the reforms, which were approved by the National Assembly and the Communist Party’s Central Committee. Key elements include opening the tourism sector and real‑estate market to new investors, expanding foreign direct investment, allowing private and foreign capital in privately‑run enterprises and cooperatives, and granting firms the right to import and export directly without state intermediation. The package also proposes a digital real‑time exchange market, private banking licences, and greater municipal authority over budgeting, taxes, and foreign‑exchange management. Officials frame the reforms as a response to the United States’ economic pressure and the island’s prolonged financial crisis, seeking to attract diaspora remittances and external capital. Implementation dates have not yet been set, with the next step expected at a National Assembly session to evaluate early results.