- The US administration blocked fuel deliveries to Cuba while the EU passed a resolution calling for sanctions on the nation.
- Punishing US sanctions are compelling Cuba to change its economic model.
- Cuba announced major economic reforms, allowing private restaurant chains and inviting international franchises to invest.
Cuba Approves Sweeping Economic Reforms to Counter U.S. Sanctions
- Reports
- 11
- Developments
- 5
- Repetition
- 55%
New informationRepeats or wire copies
What happened
The National Assembly of People's Power approved sweeping economic reforms during its Third Extraordinary Session. These measures, backed by the Communist Party and former leader Raul Castro, aim to shift Cuba's economy toward a market model. The reforms include allowing private real estate development and transforming state-owned businesses into private ventures with shares and equity stakes.
Why it matters
The changes represent the single largest shift to Cuba's economic model in decades. President Miguel Díaz-Canel stated the measures are urgent and necessary as a response to U.S. sanctions aimed at crippling the country. The reforms open the economy to private investment and allow the sale of state-owned properties to national and foreign entities.
Cuba announced major economic reforms, allowing private restaurant chains and inviting international franchises to invest. Punishing U.S. sanctions are compelling Cuba to change its economic model.
From internazionale.it, cbc.ca
Who's involved
- CubaSovereign state undergoing major economic liberalization
- Communist PartyThe sole legal and guiding body dictating Cuba's political and economic direction
- Miguel Díaz-CanelTop leader pushing the urgent economic package through the Communist Party
- National Assembly of People's PowerLegislative parliament that approved the sweeping reforms
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- CubaSpeculative
The economy might see changes in supply and demand as state assets are privatized and the economy liberalizes.
- Communist PartySpeculative
The Communist Party might face changes in its control over state-owned properties and related revenue streams.
How this reaches others
Each traced step by step, with the reporting behind itHow it developed
Newest first. Tap a step to see who reported it.The Assembly discussed economic proposals and reforms.1 source
PM announces minimum wage hike at the National Assembly.1 source
Cuban lawmakers consider economic reforms amid U.S. sanctions.1 source
Cuba's National Assembly hosted proposals for an economic shift aimed at attracting foreign currency.1 source
The National Assembly is voting on Cuba's major economic reforms.1 source
Keep exploring
The entities involved
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Cuba
sovereign state situated on an island in the Caribbean Sea
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National Assembly
National Assembly of Ecuador
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Communist Party
former political party in Burma (Myanmar)
Related events
- U.S. sanctions worsen Cuba's economic crisis, and leader Miguel Díaz-Canel defends the economic reforms being implemented in the country.
- The US is imposing sanctions and seeking a deal with Cuba's leadership, while Cuban Foreign Minister Bruno Rodriguez comments on the situation.
- U.S. policy regarding Cuba is presidential, maintaining economic sanctions while noting the Iran conflict precedes action on Cuba.
- U.S. imposed sanctions on Cuban state companies.
- The European Union passed a resolution calling for sanctions against Cuba.