By Zoila Palma: Cuba has approved what observers describe as the most sweeping overhaul of its communist economy since the 1959 revolution, introducing 176 free-market measures aimed at modernizing the island’s struggling economic system.
The reforms come as Cuba continues to face economic hardship under a tightened U.S. embargo, with officials arguing that changes are needed to move the country’s economy forward.
The measures seek to further decentralize Cuba’s state-run economy, where the government has traditionally controlled production, pricing, and the allocation of resources. Among the changes are expanded opportunities for private businesses, the ability to import and export goods without state intermediaries, free hiring of personnel, authorization for private banks, and investment opportunities for Cubans living abroad. The reforms also open the door for fast-food chains to operate on the island.
Luis Carlos Battista, a Cuban-American political scientist and lawyer pursuing doctoral studies at the University of Salamanca, said the reforms dismantle long-standing pillars of Cuba’s revolutionary economic model, including the state monopoly on foreign trade and the centralization of productive forces. While previous reform efforts under former President Raúl Castro faced bureaucratic obstacles, Cuban authorities acknowledged that implementation of the new measures could be gradual and warned that their success may depend on the lifting of U.S. energy and financial sanctions.
Cuba has faced worsening economic conditions since January under a U.S. embargo that has restricted access to fuel and deepened a crisis that has persisted for five years. Blackouts lasting up to 20 hours a day have affected health services, transportation, and education.
The post International News: Cuba unveils largest free-market reforms since Revolution appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Zoila Palma: Cuba has approved what observers describe as the most sweeping overhaul of its communist economy since the 1959 revolution, introducing 176 free-market measures aimed at modernizing the island’s struggling economic system. The reforms come as Cuba continues to face economic hardship under a tightened U.S. embargo, with officials arguing that changes are
The post International News: Cuba unveils largest free-market reforms since Revolution appeared first on Belize News and Opinion on www.breakingbelizenews.com.
