The Cuban government has declared a significant revamp of its economic policy in response to the country’s severe crisis. This restructuring involves 176 measures that aim to expand private enterprise and reduce the government’s dominant role in economic activities.

Cuba is experiencing severe economic difficulties, including power outages lasting up to 30 hours. The Trump administration continues to pressure the Cuban government with strategies restricting access to crucial financial resources.

Despite Cuba’s insistence that these reforms were not specifically designed to appease demands from the U.S., many experts remain unconvinced. Cuban officials emphasize the urgent need to rejuvenate an economy weakened by decades of centralized control and increasing U.S. pressure, while maintaining its socialist identity.

Economists highlight the significance of this proposal, which marks a drastic departure from the traditional model established after the 1959 revolution that brought Communism to Cuba. It represents the first offer from the regime to share control over commerce.

Key components of the plan include enabling private banking and allowing citizens to own multiple businesses and real estate properties. However, experts express skepticism about the feasibility of shifting towards a mixed economy like those in Vietnam or China without an easing of U.S. sanctions.