Overview
- The Asamblea Nacional ratified the 176‑measure program on Friday, June 19, after the Communist Party’s Comité Central approved the plan earlier in the week.
- The package removes the 2021 cap on private company size, lets Cubans own multiple firms, opens more sectors to foreign and diaspora investment and allows private participation in fuel sales and banking operations.
- President Miguel Díaz‑Canel framed the moves as urgent, sovereign steps to stabilize the economy, and an endorsement letter from Raúl Castro was read at the Party meeting to bolster internal legitimacy.
- United States officials and outside analysts say the reforms lack clear legal guarantees for investors and warn that existing U.S. sanctions and a petroleum blockade could deter the foreign capital the plan seeks to attract.
- Implementation remains the central test: the government has not published detailed timelines or investor protections, so the outcome for energy access, jobs and everyday shortages will depend on how quickly rules, property and banking changes are written and enforced.