Cuba President Miguel Díaz‑Canel unveils sweeping economic reforms

President Miguel Díaz‑Canel announced a package of more than 20 measures aimed at liberalising and decentralising Cuba’s economy. The reforms propose greater autonomy for state‑owned enterprises and municipalities, allowing them to set salaries, reinvest profits, import and export without mandatory state intermediation, and to partner with private actors. A new tourism framework will permit “new actors” and overseas Cuban investors to manage hotels and related services, while subsidies are to be gradually reduced and the foreign‑exchange market liberalised.

The Communist Party’s Central Committee convened an unscheduled extraordinary plenary session, and the National Assembly was called for a follow‑up meeting to consider the proposals. The package must be ratified by the Party and then approved by the Assembly. In parallel, Díaz‑Canel has formed a mixed advisory group of independent economists and official officials to refine the reforms.

The reforms are presented as a response to a deepening crisis intensified by the U.S. economic blockade, widespread blackouts, severe shortages and a sharp drop in tourism – a 58 % decline in international visitors in the first five months of 2026. The government cites examples from China and Vietnam’s “market‑socialist” models as inspiration.