Cuba Approves Unprecedented Free-Market Reforms in Effort to Stave Off Economic Collapse Cuban lawmakers have adopted nearly 200 free-market reforms to reduce the state’s economic role and attract investment, aiming to rescue the island from a severe crisis exacerbated by a U.S. oil blockade. Prime Minister Manuel Marrero unveiled measures allowing foreign investment and private enterprises, with reforms described as the most profound since the 1959 revolution. These changes occur as the U.S. exerts significant pressure, though President Diaz-Canel insists the reforms are to preserve socialism, not due to external pressure.

• Cuba has adopted nearly 200 free-market reforms to reduce the state’s economic role and attract investment.
• The reforms aim to rescue the island from a severe crisis aggravated by a U.S. oil blockade.
• Foreign investors will no longer be required to form joint ventures with the state.
• Large private enterprises will be authorized, and both Cuban and foreign investors can acquire stakes in state companies.
• These reforms are described as the most profound since the 1959 revolution.
• Cuba is facing severe shortages of food, fuel, drinking water, and medicine, with power cuts becoming the norm.
• The U.S. has been exerting significant pressure on Cuba, including an oil blockade.
• Despite external pressures, President Diaz-Canel stated the reforms are to preserve socialism.