Key facts
- Cuba's Communist Party approved an emergency economic plan with free-market measures.
- The reforms aim to revitalize the island's struggling economy.
- Measures include privatizing real estate, state businesses, and allowing private banks.
- President Miguel Diaz-Canel cited U.S. sanctions as a key driver for the reforms.
- The proposals require a vote from the National Assembly for implementation.
- Raul Castro has backed the proposed reforms.
Cuba's Communist Party has approved an emergency economic plan featuring unprecedented free-market measures designed to revitalize the island’s struggling economy. The reforms, presented by Prime Minister Manuel Marrero, would open the door to private real estate development, transform state-owned businesses into private commercial ventures with shares and equity stakes, and allow private banks to enter Cuba's once state-dominated finance sector. President Miguel Diaz-Canel stated that the measures are urgent and necessary as the U.S. doubles down on sanctions aimed at crippling the country's communist leadership. Raul Castro backed the proposals in a written letter, calling them "beneficial" and urging their speedy implementation. The list of 175 measures now requires a vote of the National Assembly for implementation. The Trump administration sanctions have devastated Cuba's economy, leading to blackouts, soaring inflation, and shortages of fuel, water, and medicine.