Cuba's biggest economic reforms since the revolution of 1959

This week, the Cuban government will approve the largest package of economic reforms since the 1959 Revolution:

• Retired Raúl Castro, 94 years old, who still exercises political control over President Miguel Díaz-Canel, gave his approval last week to a package of 175 measures aimed at reforming the Cuban economy, which is 80% dependent on state-owned enterprises.

• Since 2021, certain private businesses have been allowed to exist, but they have been limited to a maximum of 100 employees. With this week's changes, that cap will be removed.

• Cubans living abroad (considered "worms and traitors" by the Cuban regime) will be allowed to invest in and own businesses in Cuba.

• These Cuban and foreign investors will be able to purchase shares in Cuban state-owned enterprises.

• The new rules expand the sectors in which foreign investors and private capital can invest, particularly in the banking and financial sector, as well as in real estate development.

• Foreign investors will no longer always be required to partner with the Cuban government in order to establish business ventures on the island.

• Alongside the reforms, Díaz-Canel announced that his goal is to "reduce the size of the state and the bureaucracy, and decentralize economic decision-making to local governments and the state-owned enterprises themselves."

• Díaz-Canel said that this "is by no means a deviation from Cuba's socialist project, but given the current situation, it was necessary."

• Unsurprisingly, Díaz-Canel also said that these reforms have nothing to do with negotiations with Trump and that Cuba is a sovereign country that "does not bow to pressure from anyone."