Major free-market reforms take effect in Cuba

Cuba has implemented major free-market reforms, aimed at ending a severe economic crisis, according to its communist leadership. The reforms, announced in June, have lifted the island's severe economic crisis after five months of a US fuel blockade. President Miguel Diaz-Canel has denied that the measures represent the introduction of capitalism by stealth, insisting they aim to preserve socialism.

The government implemented 176 measures through decrees, resolutions, and regulations starting on Wednesday. These reforms allow private Cuban companies to work directly with foreign investors, hold overseas bank accounts, and import/export goods without state intermediaries. Other reforms include authorizing private companies with over 100 employees and permitting privately-owned banks, pharmacies, and gas stations.

The private sector already employs more than a third of the working population, and private companies dominate food and fuel distribution.