Cuba’s National Assembly has unanimously approved a broad package of 176 economic and social reforms designed to restructure the country’s economy, increase decentralization and address the impact of what Cuban authorities describe as an intensified U.S. blockade.
The measures, approved during an extraordinary parliamentary session on June 18, introduce changes across multiple sectors, including tourism, state enterprises, agriculture, banking, foreign investment, wages and municipal administration. Cuban officials said the reforms are intended to preserve the achievements of the Cuban Revolution while adapting the country’s economic model to current conditions.
Cuban Prime Minister Manuel Marrero announced the creation of a government working group responsible for overseeing the impact of the new regulations on the country’s legal framework. Marrero said the reforms are adaptable and “do not constitute a renunciation of socialism,” but instead represent what he described as a necessary step for its long-term preservation.
President Miguel Díaz-Canel also addressed the parliamentary session, saying that when living conditions become increasingly difficult, the responsibility of the government is not only to explain the crisis but to make changes required to overcome it.
The reforms include significant adjustments to the management of economic actors, ownership structures, economic planning and the state budget system. The package also includes changes to the state enterprise framework, greater participation for national and foreign capital, modernization of the banking system and adjustments to exchange, price and tax systems.
Tourism is among the sectors targeted for major restructuring. The new framework seeks to expand sustainable tourism development through greater participation from non-state actors, foreign investment and new business models. The government will allow property leasing, non-onerous usufruct arrangements and selective real estate sales for both residents and Cubans living abroad, with decisions evaluated individually.
The measures open opportunities for new tourism-related activities in strategic locations, including the northern Cayos, Old Havana and Trinidad. They also authorize real estate development in major tourist areas and allow the creation of joint ventures and leasing arrangements for maritime marinas.
Additional tourism measures include the creation of an online cooperative bank focused on digital financial operations, authorization for non-state actors to manage car rental services and the establishment of independent travel agencies. The reforms also introduce an environmental tax on tourism activities intended to support ecological conservation and encourage the international expansion of Cuban franchises.
Beyond tourism, the legislation introduces changes to state enterprises and financial structures. The Assembly approved procedures for corporate bankruptcy, liquidation and administrative restructuring, while allowing the state to convert certain state-owned entities into joint-stock companies. Authorities said the government would determine ownership limits in different economic sectors while maintaining majority control in areas considered strategically important.
The financial reforms allow increased private capital participation, including the possibility of private banking institutions operating under the supervision of the Central Bank of Cuba. The legislation also supports the expansion of clean energy initiatives by encouraging imports of electric vehicles, including motorcycles and tricycles equipped with charging systems.
Property relations are also being adjusted under the new framework. While reaffirming the priority of socialist state property over fundamental means of production, the reforms allow national and foreign entities to purchase shares in state-owned companies and acquire selected public assets.
Agriculture is another major focus of the transformation plan. The government will authorize the creation of non-state agricultural companies and allow direct foreign investment in the agricultural sector. Municipal and provincial agricultural directorates will be reduced, with a smaller administrative structure maintained for state oversight of land and livestock.
The reforms also remove permanent price controls in agriculture, allowing prices to be determined between producers and buyers. New measures provide indefinite usufruct rights over state land, permit usufruct holders to hire workers directly and allow agricultural cooperatives to import fuel, market it and conduct foreign trade without ministerial approval.
The wider economic package also includes changes for micro, small and medium enterprises. The government plans to approve all pending applications for such businesses before the end of June 2026, remove the 100-worker employment limit for non-state entities and allow individuals to own multiple companies.
Cuban authorities said the reforms are being implemented amid increased economic pressure from U.S. sanctions. The government cited restrictions affecting energy imports, financial operations and foreign companies operating on the island as factors contributing to economic difficulties.
President Díaz-Canel criticized the U.S. measures, describing them as collective punishment that affects Cuba’s economy, society and families. He said financial restrictions have increased the cost and difficulty of obtaining fuel, medicines, food, technology and other essential resources.
The Cuban government stated that the newly approved reforms are intended to strengthen economic management, attract investment and respond to external pressures while maintaining the country’s existing political and economic system.
