Cuba's President Díaz‑Canel Announces sweeping economic reforms

On June 12, Cuban President Miguel Díaz‑Canel announced a wide‑ranging economic reform package aimed at liberalising and decentralising the island’s economy. The plan gives greater autonomy to state enterprises, provinces and municipalities, eliminates state‑run import‑export intermediaries, and opens sectors such as tourism, agriculture and renewable energy to private and foreign investment, including allowing Cuban‑owned private firms to invest locally for the first time in decades. The reforms also propose a reduction in the number of ministries, targeted social subsidies, and measures to lessen reliance on fossil‑fuel electricity amid a severe energy crisis.

Díaz‑Canel told state media that “son tiempos en que hay que cambiar y el país no puede seguir funcionando igual” and that “the country is not stopped”. The announcement comes a day after the U.S. Treasury added the state oil company Cupec to its sanctions list, intensifying pressure on Cuba’s already strained economy. The package will be debated in the National Assembly in July, while Cuban citizens express a mix of hope and scepticism about its potential impact.