Major free-market reforms take effect in Cuba

Cuba has implemented a series of free-market reforms this week, aimed at ending the country's severe economic crisis. The changes, which were announced in June amid mounting pressure from the United States, allow foreigners to invest in Cuban real estate and enable domestic companies to import and export goods without government intermediaries.

The reforms, which began their implementation on Wednesday, have opened the island nation to private investment in various sectors, including banking, tourism, and agriculture. Under the new regulations, private Cuban companies can now work directly with foreign investors, maintain accounts in overseas banks, and import and export goods without state interference.

President Miguel Diaz-Canel, however, has refuted claims that the measures represent the gradual introduction of capitalism by stealth. He emphasized that the reforms aim to preserve socialism. The private sector is already playing a significant role in addressing the country's economic challenges, with over 15,000 small and medium-sized enterprises currently operating in Cuba and employing more than a third of the workforce.