Miguel Díaz-Canel announced a comprehensive package of economic reforms this Friday, through which the Cuban regime aims to attract foreign investment and capital from the diaspora, promising to eliminate bureaucratic obstacles and grant greater autonomy to municipalities and state-owned enterprises amidst the worst economic crisis the island has faced in decades.
The statements, reported by , come just days after the deadline set by Washington for foreign companies to sever ties with GAESA, the military conglomerate that controls nearly 40% of the Cuban economy, which led to the mass exit of international hotel chains.
Among the announced measures, Díaz-Canel promised that municipalities would be able to "import and export without the need for higher structures, manage income in foreign currency, and attract foreign investment, whether through companies or Cubans residing abroad."
State-owned enterprises, for their part, will be able to operate without intermediaries, export and import directly, retain part of the foreign currency obtained, participate in the foreign exchange market, and choose their own customers and suppliers.
The president also announced the expedited approval of MIPYMES with stalled applications, with powers transferred to the municipalities, and promised a legal framework that provides "confidence, both for Cubans and foreigners" regarding foreign investment.
The agricultural sector is also included in the package: it encourages direct access for producers to the input market, opens up to foreign investment in the field, and allows for the possibility of holding real accounts in foreign currency at banks.
Díaz-Canel framed the announcement within the Economic and Social Program for 2026, which will be subject to public consultation at the end of 2025 and subsequently reviewed with Cuban and foreign experts, including the use of artificial intelligence and the study of the models from China and Vietnam. He stated that the proposals are in the final approval phase by the Political Bureau and the National Assembly.
The president implicitly acknowledged the seriousness of the situation by stating that "if we do not have wealth, it is very difficult to make progress," and that the perspective of the reforms is "that together we can productively drive the country forward, create wealth, and distribute that wealth with social justice."
The announcement comes at a time of rapid collapse: tourism plummeted 55.8% in the first four months of 2026, energy imports decreased by between 80% and 90%, and The Economist Intelligence Unit projects a GDP drop of 7.2% in 2026, with a cumulative contraction of 23% since 2019.
The credibility of promises faces structural obstacles. The Cuban-American businessman Carlos Saladrigas warned last Wednesday that "there will be no investment in Cuba without political change", while economist Pedro Monreal pointed out last month that Cuba "has missed the train of reforms in China and Vietnam".
Additionally, the U.S. Office of Foreign Assets Control (OFAC) personally sanctioned Díaz-Canel, his wife Lis Cuesta Peraza, and his stepson Manuel Anido Cuesta last Thursday, June 4, which adds another layer of distrust for any investor considering doing business in Cuba under a government whose top leaders are sanctioned by Washington.
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