Cuba has introduced 176 measures to further decentralize its state-run economy, which has been struggling due to a tightened embargo under President Donald Trump. The plan includes more space for private businesses, imports and exports without state intermediation, free hiring of personnel, authorization for private banks and investment by Cubans abroad.

Economic Shift

The reforms aim to move Cuba’s economy forward, with the grandson of former President Raúl Castro stating that the country must seek a path to economic development. The proposed measures are based on an analysis of the Vietnamese and Chinese models, communist countries with market economies.

However, the implementation of these reforms may be slow, and their success depends on the lifting of the U.S. energy and financial embargo on the island. The embargo has blocked Cuba’s access to fuel, its main energy source, and has deepened the crisis that has been deteriorating for the past five years.

U.S. President Donald Trump and Secretary of State Marco Rubio have acknowledged that they are maintaining a policy of maximum pressure to change the island’s political and economic system. The Cuban government faces a short window to obtain results and move its economy forward.

Original reporting: KTBS 3 (Shreveport) — read the source article.