Cuba passes ‘urgent’ reforms to liberalise economy under US pressure

Cuba's government passed urgent economic reforms on March 18, 2024, aimed at liberalizing the communist island's economy. These measures represent the most significant shake-up since the early years of the revolution in the 1960s. The reforms are intended to boost productivity and attract foreign investment, which has been hampered by decades of U.S. sanctions and internal inefficiencies. Key changes include allowing private agricultural cooperatives to sell directly to state-run tourism companies and permitting small private businesses to import raw materials. The government also announced plans to ease restrictions on self-employment and to create a more favorable environment for foreign direct investment in sectors like renewable energy and tourism. These steps are seen as a response to persistent economic stagnation and the ongoing impact of U.S. sanctions, which have limited Cuba's access to international markets and financial systems. The reforms aim to inject dynamism into sectors critical for economic growth and to improve the living standards of the Cuban population.