Cuban President Miguel Díaz‑Canel Unveils Major Economic Liberalisation Plan

On June 12, 2026, President Miguel Díaz‑Canel announced a sweeping package of economic reforms aimed at liberalising and decentralising Cuba’s centrally‑planned system. Measures include cutting bureaucracy, shrinking the cabinet from 27 to 20 ministries, allowing state‑owned firms to operate in the foreign exchange market, ending subsidies on selected goods, and permitting investment by Cuban expatriates and other non‑state actors. The plan also opens the tourism sector to new partners, reforms real estate and foreign trade rules, and loosens controls in agriculture, inputs and banking.

The reforms are presented as a response to a severe energy and supply crisis, marked by rolling power outages and shortages, and heightened U.S. sanctions after the loss of Venezuelan oil shipments. Díaz‑Canel said the changes are required by “the demands of the times” and will be submitted to the Communist Party’s Political Bureau and the National Assembly for approval.

In a separate interview, Díaz‑Canel defended Cuba’s electoral system, claiming it is “more democratic” than other models and that his presidency results from a “bottom‑up” selection process through the National Assembly, countering criticism from Washington and international observers.