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Cuba Approves Sweeping Economic Reforms to Open Socialist Economy to Private Sector
Posted
June 20, 2026
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5:52
2:21Now PlayingCuba is poised for one of its most significant economic transformations since the 1959 revolution after lawmakers unanimously approved sweeping reforms aimed at opening parts of the country’s socialist system.
The proposed changes include allowing private real estate development, transforming state-owned enterprises into private ventures, and permitting private banks to operate for the first time. The reforms would also allow the sale of state-owned assets to both domestic and international buyers, including Cubans living abroad.
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