Cuba approves economic reform package expanding private investment

Published on

19/06/2026 - 14:00 GMT+2

Cuba's National Assembly on Thursday approved a package of 176 economic reforms designed to expand private-sector participation and attract investment in various areas of the economy.

The measures were presented by the Prime Minister, Manuel Marrero, during a parliamentary session at which a reduction in the state's role in a range of economic activities was announced. Among the changes is the removal of the requirement for foreign investors to partner with state-owned companies, the authorisation of large private firms and the possibility for domestic and foreign investors to acquire stakes in state-owned enterprises.

The reforms were approved unanimously in Parliament. At the close of the session, President Miguel Díaz-Canel reiterated his government's commitment to the socialist system.

Marrero did not set out a timetable for implementing the measures. However, Díaz-Canel had argued the previous day that urgent changes were needed to address the economic situation the country is facing.

The Cuban authorities attribute the economic difficulties to the United States trade embargo and restrictions on oil supplies. Nevertheless, Díaz-Canel also highlighted internal factors, such as bureaucracy, administrative sluggishness and certain rules which, he said, limit productive activity.

The Cuban economy is grappling with shortages of food, fuel, drinking water and medicines, as well as frequent power cuts. Since the beginning of the year, only one oil tanker from Russia has docked on the island.

The reforms have raised expectations in some business sectors. Mario Gonzales, the manager of a restaurant in Havana, said the new measures could help bring about a recovery in tourism and economic activity.

For his part, US Vice-President JD Vance said that Washington is holding talks with the Cuban government on possible economic and political changes on the island.