Raul Castro backs sweeping Cuba reforms to revive struggling economy
Summary
Raul Castro, former Cuban president, supports new economic reforms aimed at improving Cuba’s struggling economy, which has been hurt by a U.S. embargo. These reforms include increasing private investment, attracting money from Cubans living abroad, and reducing the government's role in the economy.Key Facts
- Raul Castro endorsed major economic reforms proposed by the Cuban government.
- The reforms aim to open more sectors to private investment and bring in capital from Cubans living overseas.
- The state’s control over the economy will be reduced, including possible cuts to ministries and public sector jobs.
- Cuban President Miguel Diaz-Canel called the reforms the most significant in years.
- The National Assembly is expected to approve key changes soon after their announcement.
- The U.S. maintains a trade embargo on Cuba, which has hurt the Cuban economy, causing shortages of essential goods.
- Private businesses on the island are now allowed to employ up to 100 people and play a bigger role.
- It is uncertain if U.S. President Donald Trump will accept these reforms as enough change.
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