JAKARTA - The Communist Party of Cuba has approved a comprehensive package of economic and social reforms to expand the role of private capital and market mechanisms in the face of the worst economic crisis the island has experienced in decades, according to official media.
The Central Committee of the Communist Party approved 176 proposed reforms grouped into 23 areas during an extraordinary plenary session on Wednesday (17/6), according to a report by Granma, the party's official newspaper on Thursday (18/6).
The measures are intended not only to overcome the current economic difficulties, but also to support long-term growth, according to the report.
The reforms cover various sectors, including economic planning, ownership relations, agriculture, labor and wage policies, energy, foreign investment, foreign trade, tourism, transportation, taxation, banking and finance.
The reform also includes measures related to digital transformation, artificial intelligence, knowledge-based economy, statistics, and regulatory oversight.
According to Escambray, the state-owned provincial newspaper that quoted Cubadebate, Cuba's state-owned news site, the package will reshape the country's business structure, expand opportunities for private capital, and recognize market mechanisms as a tool for allocating resources more efficiently.
Cuban officials say the measures are not a deviation from the country's socialist model and remain consistent with the constitution.
However, they acknowledged that its implementation would require legislative changes, including amendments to existing regulations and the enactment of new laws.
Cuban President Miguel Diaz-Canel said Cuba's current state requires urgent action.
According to Granma, he said the country needs a deep and agile economic agenda that can be implemented in the short term, combining macroeconomic stabilization, incentives to increase production, legal certainty, investment promotion, greater use of technology, and targeted social protection.
Prime Minister Manuel Marrero Cruz said the proposal is intended not only to help the country overcome current challenges but also to encourage future development, according to the Cuban Presidency.
The presidency said the reform package will now be submitted to the National Assembly.
The measures come as Cuba faces what officials describe as its worst multidimensional crisis since the "Special Period" that followed the collapse of the Soviet Union in the 1990s.
Official media reported that the economy experienced a sharp contraction in the first half of 2026, while the average daily power outage reached 20 hours and the country's electricity deficit increased to 1,955 megawatts.
Cuban authorities blame much of the deterioration on tighter US actions, saying Washington has disrupted oil supplies, pressured companies doing business with Cuba, and restricted the island's access to international credit and financing.
The White House said on May 1 that President Donald Trump signed an executive order imposing new sanctions on Cuban officials and entities, citing repression and threats to US national security and foreign policy.
In January, Trump also signed an executive order declaring a national emergency and establishing a mechanism to impose tariffs on goods from countries that sell or supply oil to Cuba, according to the White House.
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