Cuba announces sweeping economic reforms: privatization of state firms, opening of banking and energy to private and foreign capital

Summary

Cuba's government, led by Prime Minister Manuel Marrero Cruz, announced a sweeping economic reform package that includes privatizing state-owned enterprises, opening the banking and energy sectors to foreign and private capital, and expanding private business rights. The measures are part of an urgent response to Cuba's severe economic crisis, characterized by shortages, inflation, and a collapsing state sector. The reforms aim to attract investment, reduce the state's oversized role in the economy, and allow small and medium-sized private enterprises to operate more freely. This marks a significant shift away from Cuba's traditional state-controlled economic model.

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Twitter / XCuba announces sweeping economic reforms: privatization of state firms, opening of banking and energy to private and foreign capitalmiamiherald.com