On Thursday, Cuban lawmakers unanimously approved nearly 200 emergency measures to privatize state industries and expand the private sector.
The Communist Party says these "urgent changes" are necessary to survive a severe energy crisis and a tightening U.S. economic blockade. Key reforms include opening the banking and energy sectors to foreign capital and ending government price controls on many consumer goods. While some officials compare the shift to China’s market opening, critics argue the reforms come too late to fix decades of state mismanagement.
The government now faces the difficult task of implementing these changes without losing political control as inflation continues to rise.
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