Cuba approves sweeping 176‑measure economic reform package

Cuba’s National Assembly of People's Power voted unanimously to adopt a package of 176 legislative measures aimed at overhauling the island’s centrally planned economy. The reforms introduce market mechanisms across multiple sectors: private banks and financial institutions will be permitted, a digital real‑time foreign‑exchange market will be created, state enterprises can be transformed into joint‑stock or investment companies and private capital – both domestic and foreign – will be allowed to own stakes in them. Restrictions on private firms are lifted, including the 100‑employee cap and the ban on individuals owning more than one business; private property sales to Cubans abroad are also authorized. Subsidies for basic goods are to be phased out and a new tax framework introduced. The changes are presented as a response to the country’s deepest economic crisis in decades, marked by food, fuel and electricity shortages, and are framed as necessary to preserve socialism: President Miguel Díaz‑Canel told deputies that “Cuba lives the hardest hours of this century,” while Prime Minister Manuel Marrero described the measures as “strategic impact” policies “conditioned on preserving the system.” The government says the reforms aim to revitalize production, attract investment and improve living standards, though analysts note their success will depend on the easing of U.S. sanctions and the speed of implementation.