Cuba Parliament passes sweeping economic reform package

Cuba's National Assembly approved a historic economic reform program, adopting 176 proposals grouped into 23 solution sets aimed at revitalising the island’s economy while preserving its socialist framework. The reforms restructure state-owned enterprises, granting them greater autonomy, permitting profit‑sharing, and allowing conversion into joint‑stock companies. Private sector activity is expanded, with measures that let firms hire more than 100 workers, own multiple enterprises, and acquire or lease land and assets for a fee. New legal tools for bankruptcy, liquidation and restructuring are introduced, and foreign investors gain broader access to finance, trade and real estate markets.

Prime Minister Manuel Marrero presented the package, and President Miguel Diaz‑Canel emphasized that the changes are a sovereign response, not a concession to external pressure. Former President Raul Castro endorsed rapid implementation. The reforms also streamline approvals for private businesses, reduce bureaucratic targets for state firms, and adjust wage and profit‑distribution mechanisms. Together, the measures constitute the most extensive market‑oriented shift since the 1959 revolution, targeting improved productivity, investment and living standards.

The legislative move signals Cuba’s intent to modernise its economy while retaining core socialist principles, opening new opportunities for domestic entrepreneurs and foreign partners.