Cuban lawmakers have unanimously approved sweeping reforms backed by the Communist Party and former leader Raul Castro that would privatize a vast swath of the country’s socialist economy.
The measures would represent the most significant change to Cuba’s economic system since the 1959 revolution led by Fidel Castro. They would open the door to private real estate development, convert state-owned enterprises into private commercial ventures with shares and equity stakes, and allow private banks into a sector long dominated by the state, signaling a broad shift toward a market economy.
