Cuba Announces Major Economic Reforms

In the face of intensifying U.S. economic warfare, Cuba's President Miguel Díaz-Canel on Friday announced major economic reforms.

“These are times when change is necessary,” Díaz-Canel said.

The reforms would give state enterprises greater autonomy to set wages, retain profits and conduct imports and exports with fewer restrictions. The government would also expand opportunities for private businesses, reduce reliance on state import monopolies and allow Cubans living abroad to invest in the island’s economy alongside foreign investors.

Other measures include greater authority for municipal governments, expanded support for agricultural producers, new incentives for renewable energy investment and the removal of restrictions on importing solar-powered electric vehicles.

In March, Díaz-Canel called for “urgent” transformations to Cuba’s economic and social model, including new forms of economic partnership with Cubans residing abroad.

Last week, Díaz-Canel announced that Cuba would open the hotel sector to “non-traditional” economic actors and broaden participation by Cubans both on and off the island.