Under pressure from the U.S., Cuba will launch sweeping economic reforms
The Communist Party of Cuba (CPC) has approved a package of economic reforms that provides for expanding access for private investment to a greater number of sectors of the country’s economy.
The decision was made amid intensifying economic pressure from the United States, as well as ongoing problems with electricity supply and resource shortages on the island.
Cuban President and PCC First Secretary Miguel Díaz-Canel first presented these initiatives late last week. He emphasized that these are “the most significant and comprehensive measures in many years.”
Under the new policy, the government plans to create a level playing field for Cuban and foreign investors, which is expected to boost economic activity in the country.
In addition, the Cuban government announced plans to cut red tape and restructure ministries in order to streamline the bureaucracy.
The Communist Party of Cuba emphasized that these changes “in no way constitute a departure from the socialist project.”
It is also reported that the initiatives were approved following consultations with Raúl Castro, the 95-year-old brother of Fidel Castro, who is still considered an influential symbolic figure in the country.
This was reported by DW.
Earlier, Trump spoke about the possible resumption of dialogue between the two countries. CIA Director John Ratcliffe arrived in Havana as part of the U.S. delegation.
Cuba is in the midst of a severe sanitation crisis, as a result of which the streets of Havana are filled with meter-high piles of trash stretching up to a quarter of a block. The country’s authorities cite an acute fuel shortage—which arose after the U.S. administration cut off Havana’s access to oil—as the main cause of the critical situation.
