Cuban Prime Minister Manuel Marrero on Thursday presented lawmakers with a broad package of economic reforms backed by the Communist Party and former leader Raúl Castro, as the island seeks to cope with mounting pressure from US sanctions and a fuel blockade.&nbsp;The proposals, which still require approval from the National Assembly, would significantly expand private-sector participation in the economy by allowing private real estate projects, permitting private banks to operate, and converting state-owned enterprises into commercial entities with equity stakes.&nbsp;During a two-hour address to the National Assembly, Marrero outlined 176 reforms covering banking, wages, business ownership, foreign investment and agriculture.&nbsp;&nbsp;Cuban President Miguel Diaz-Canel had called for "urgent changes" to prevent economic collapse amid growing pressure from the United States.&nbsp;Also Read: <a href="https://www.wionews.com/world/us-military-lifts-naval-blockade-as-mou-comes-into-force-what-s-next-for-us-iran-1781811406358">US military lifts naval blockade as MoU comes into force; what's next for US-Iran?</a>&nbsp;The reform package, endorsed by the Communist Party, would introduce major changes to the role of private enterprise. For the first time, companies employing more than 100 workers would be allowed. Citizens would be permitted to own more than one business, while foreign investment in privately owned firms would also be authorised.&nbsp;Marrero said tourism, agriculture and the currency market would be opened to both domestic and international private investors. He did not provide a timeline for implementing the measures, although Diaz Canel urged party members not to delay difficult decisions.&nbsp;While Cuban authorities have often linked the country's economic challenges to the long-standing US trade embargo and more recent restrictions, Diaz Canel acknowledged the existence of "obstacles that don't come from outside, nor the blockade."&nbsp;The oil blockade imposed by President Donald Trump in January has pushed Cuba's already weakened economy closer to collapse, resulting in power cuts that can last more than 30 hours and shortages of food, fuel, drinking water and medicine.&nbsp;Commenting on the scale of the reforms, London-based economist Daniel Torralbas described them as "the most profound economic reform program... since the 1959 revolution" of Fidel Castro. He added, "It represents a significant shift in the country's economic development model."

PM Marrero outlined 176 reforms aimed at expanding the private sector, including allowing private real estate development, authorising private banks and transforming state-owned enterprises into commercial entities with equity stakes.

Cuban Prime Minister Manuel Marrero on Thursday presented lawmakers with a broad package of economic reforms backed by the Communist Party and former leader Raúl Castro, as the island seeks to cope with mounting pressure from US sanctions and a fuel blockade. The proposals, which still require approval from the National Assembly, would significantly expand private-sector participation in the economy by allowing private real estate projects, permitting private banks to operate, and converting state-owned enterprises into commercial entities with equity stakes. During a two-hour address to the National Assembly, Marrero outlined 176 reforms covering banking, wages, business ownership, foreign investment and agriculture. Cuban President Miguel Diaz-Canel had called for "urgent changes" to prevent economic collapse amid growing pressure from the United States. Also Read: US military lifts naval blockade as MoU comes into force; what's next for US-Iran? The reform package, endorsed by the Communist Party, would introduce major changes to the role of private enterprise. For the first time, companies employing more than 100 workers would be allowed. Citizens would be permitted to own more than one business, while foreign investment in privately owned firms would also be authorised. Marrero said tourism, agriculture and the currency market would be opened to both domestic and international private investors. He did not provide a timeline for implementing the measures, although Diaz Canel urged party members not to delay difficult decisions. While Cuban authorities have often linked the country's economic challenges to the long-standing US trade embargo and more recent restrictions, Diaz Canel acknowledged the existence of "obstacles that don't come from outside, nor the blockade." The oil blockade imposed by President Donald Trump in January has pushed Cuba's already weakened economy closer to collapse, resulting in power cuts that can last more than 30 hours and shortages of food, fuel, drinking water and medicine. Commenting on the scale of the reforms, London-based economist Daniel Torralbas described them as "the most profound economic reform program... since the 1959 revolution" of Fidel Castro. He added, "It represents a significant shift in the country's economic development model."

PM Marrero outlined 176 reforms aimed at expanding the private sector, including allowing private real estate development, authorising private banks and transforming state-owned enterprises into commercial entities with equity stakes.

Cuba turns capitalist? PM Manuel Marrero unveils biggest ever free market reforms amid US pressure

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Cuba turns capitalist? PM Manuel Marrero unveils biggest ever free market reforms amid US pressure