Cuba’s Communist Party approves opening economy in unprecedented move

The emergency economic package comes amid an ongoing US pressure campaign that has left the island nation reeling.Cuba’s Communist Party has approved a raft of unprecedented free-market measures as part of an emergency economic package.The package was submitted to the country’s National Assembly on Thursday, where it is all but assured to pass.Recommended Stories list of 3 itemslist 1 of 3Cuba’s Raul Castro makes first public appearance since US chargeslist 2 of 3The retaking of Cubalist 3 of 3UN human rights leader calls for Cuba sanctions to be ‘lifted immediately’end of listThe plan would expand opportunities for private enterprise and create measures to attract additional foreign investment, including from Cubans abroad.It could also set the stage for private real estate development ⁠on the Caribbean island and the ⁠transformation of state-owned businesses ⁠into private commercial ventures with shares and equity stakes. It would also ‌allow private banks to enter Cuba’s once state-dominated ‌finance ‌sector.The reform package signals a dramatic shift for Cuba, which is led by the Communist Party.Speaking to the party’s Central Committee in a broadcast on Thursday, President Miguel Diaz-Canel said the country’s dire economic situation could not be blamed on external pressure alone.For decades, the US has imposed a trade embargo on Cuba, weakening its economy. Since January, the US pressure against Cuba has increased, with the administration of President Donald Trump blocking fuel deliveries to the island.But Diaz-Canel acknowledged that some of the present-day economic strife was due to domestic factors, referencing “obstacles that don’t come from outside, nor the blockade”.He pointed to “slowness, bureaucracy and norms that impede those who want to produce” as well as “decisions that we have put off”.“The situation calls for urgent and necessary changes,” he said.