Cuba implements major economic reforms to boost business autonomy

Cuba is advancing a major package of 176 economic and social transformations aimed at revitalizing its economy and improving living standards. Prime Minister Manuel Marrero Cruz reported that 158 of these reforms have already been implemented, supported by 197 legal regulations.

The reforms focus on increasing the autonomy, efficiency, and integration of the business system. A central goal is to empower state-owned enterprises to become more agile and productive, while also fostering greater cooperation with non-state economic actors. These measures are intended to boost the supply of goods and services, help contain inflation, and lower prices.

Significant shifts are also occurring in the financial and tourism sectors. The banking system is undergoing reforms to include increased private and foreign investment, digitization, and new credit options. In tourism, the government is moving toward greater private management and foreign investment, including new options for real estate usage and the creation of foreign-capital travel agencies. These changes represent a strategic effort to decentralize the economy and diversify production amidst ongoing external economic pressures.