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Cuba Approves Largest Economic Reform Package in Decades to Liberalize Its Economy

19/06/2026 03:46 - Internacionales

Vista panorámica del Capitolio de La Habana con cielo despejado, banderas cubanas y calles activas, representando reforma económica y apertura en Cuba

A Historic Turning Point: Cuba Opens Its Economy to the World

Cuba's National Assembly of People's Power (Asamblea Nacional del Poder Popular) — the country's supreme legislative body — approved on June 19, 2026 the most ambitious economic and social reform package in decades, aiming to liberalize the island's economy and counteract the severe crisis affecting the Caribbean nation.

What Do These Reforms Include?

Prime Minister Manuel Marrero detailed that the package includes 23 strategic areas with 176 specific transformations covering changes in the business sector, modernization of productive structures, and diversification of management models. The program is part of the Economic and Social Program for 2026 announced by President Miguel Díaz-Canel one week earlier.

🌾 Food Security as National Priority

  • Food production will be treated as a national security matter.
  • Goal: eliminate idle lands covered by marabú weed.
  • "Every piece of land covered by marabú that should be producing food must have a clear answer: either it goes into production or it's handed to someone willing to work it."

⚡ Energy Recovery Plan

  • Plan to restore energy capacity and reduce external dependency.
  • Facilitate direct entry of foreign companies for solar panels, batteries, and inverters.
  • Tariff elimination on solar technology imports and energy-saving equipment.
  • Removal of taxes on sales and installation of solar systems.

⛽ Fuel Commercialization

The government authorized fuel commercialization by state management forms, under strict state regulation and control, with "reasonable and transparent" profit margins.

🏦 Modern Banking System

Creating banks that are "more agile, more digital, closer to the people" and useful for producers, exporters, importers, and entrepreneurs — opening space for financial institutions under strict regulation.

Opening to Foreign Investment: Cubans Abroad Can Now Invest

One of the most significant measures is the opening to foreign direct investment in Cuba's private sector. Díaz-Canel announced that any Cuban citizen, whether residing in Cuba or abroad, who wishes to invest, donate, contribute technology, open markets, or launch projects in the country "will have a clear, stable, and respectful framework."

"To those who want to build with Cuba without trying to impose anything on Cuba, we say tonight with our heart in hand: you have your home here, and the door is open."

Context: "The Most Difficult Hours of the Century"

In a speech lasting nearly 30 minutes, President Díaz-Canel acknowledged bluntly: "Cuba is living through the most difficult hours of this century" and that "reality imposes urgent, necessary changes."

The president pointed directly at Washington, stating that if the United States "truly wants to help" the Cuban people, it must allow the country to "trade, buy medicines, import fuel, receive investments, credits, and financing, and relate normally with its diaspora and the world."

He clarified that these reforms are not being implemented due to U.S. pressure, but sovereignly: "The country has reached a moment of maturity and reflection from the debate developed over all these years, telling us we must continue defending socialism, but building it with some transformations."

What is the "Marabú"?

Marabú (Dichrostachys cinerea) is an invasive plant of African origin that has colonized millions of hectares of agricultural land in Cuba. This thorny species spreads rapidly in degraded soils and abandoned lands, making agriculture nearly impossible. The Cuban government now seeks to reverse this situation by forcing landholders to activate these lands or hand them to those willing to work them.

Understanding the U.S. Blockade

The U.S. embargo (bloqueo) refers to the long-standing economic, commercial, and financial blockade imposed by the United States against Cuba since 1962. It restricts Cuba's ability to trade internationally, access international credit, and conduct normal financial transactions — a central issue in the island's economic challenges.

Source: Information based on reports from Cuba's National Assembly of People's Power, statements by President Miguel Díaz-Canel, and Prime Minister Manuel Marrero.

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