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Cuban Lawmakers Approve Economic Reforms to Allow Private Enterprise
Cuban lawmakers passed measures that would expand private business activity across large parts of the economy. The changes are intended to address the effects of U.S. sanctions.
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Cuban lawmakers unanimously approved reforms that would allow greater private ownership and operation of businesses previously controlled by the state. The measures were backed by the Communist Party and former leader Raul Castro. They aim to restructure a significant portion of the country's socialist economy.
Background on the Reforms The changes come as Cuba seeks ways to manage economic pressure from U.S. sanctions. Officials have described the steps as necessary for economic survival. The reforms would privatize a wide range of state-run enterprises, shifting operations to private hands in multiple sectors. No timeline for implementation was specified in the announcement.
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