On Friday, Miguel Díaz-Canel unveiled an extensive package of economic reforms during his appearance on the program "Revista Buenos Días," urging the Cuban population to place their trust in the government.
"You must have faith; the nation is not at a standstill. We are tackling this situation with intelligence. We can't disclose everything because adversaries are monitoring our every move," the leader stated.
He further commented, "The United States can't forgive the fact that, despite their maximum pressure, the Revolution persists and the country is still operational. Even they don't believe the narrative they perpetuate about a failed state," as Cuba continues to experience a collapse of essential services.
This triumphant rhetoric comes amidst the island's worst economic crisis, characterized by power outages lasting over 20 hours daily, and severe shortages of water, fuel, and rampant inflation.
Key Areas of Economic Reform
The proposed reform package focuses on several key areas: foreign investment, energy, fiscal policy, tourism, domestic trade, and human capital.
Regarding investment, Díaz-Canel announced that Cubans living abroad and those residing on the island can participate "equally" alongside foreign, state, and cooperative enterprises within a "stable legal framework ensuring business security."
Addressing the energy crisis, he pledged to attract foreign companies to install photovoltaic systems nationwide, promote electric mobility through both imports and local assembly, and remove restrictions on vehicle imports, prioritizing electric vehicles.
Fiscal Policy Adjustments
In terms of fiscal policy, he proposed that the state budget should no longer support inefficient state enterprises and announced a restructuring of the exchange market involving all economic actors.
Díaz-Canel also promised a gradual shift from product subsidies to direct assistance for vulnerable individuals, echoing a recurring theme in recent years.
Reshaping Tourism and Domestic Commerce
Concerning tourism, he acknowledged the withdrawal of major international hotel chains from Cuba.
"We can't rely solely on these major chains when many have left due to U.S. government pressure," he said.
For domestic commerce, he announced the implementation of electronic invoicing and a move towards digital platforms, aiming to make internal trade a stimulus for national production.
Retaining Young Talent
Additionally, he mentioned plans to retain young professionals through salary incentives and new remote work and multi-employment opportunities, to prevent talent from seeking prospects abroad.
This announcement is part of a broader institutional reform process. Last Monday, the National Assembly introduced a bill to reduce the number of ministries from 27 to 20, merging departments like Economy, Finance, and Planning.
Díaz-Canel admitted that the measures are yet to be approved and will be discussed "swiftly" in the coming days, but emphasized that the lack of transparency is intentional.
"We can't reveal everything because adversaries are closely watching our actions," he said, referring to the United States.
The Cuban populace remains skeptical, given past announcements that have failed to alleviate the crisis. The reforms are introduced while the Trump administration has imposed over 240 new sanctions against the regime since January 2026, including Executive Order 14404 signed on May 1.
Understanding Cuba's Economic Reforms
What are the main areas of Díaz-Canel's economic reforms?
The main areas include foreign investment, energy, fiscal policy, tourism, domestic trade, and human capital development.
How does Díaz-Canel plan to address the energy crisis?
He plans to attract foreign companies to install photovoltaic systems, promote electric mobility through imports and local assembly, and lift restrictions on electric vehicle imports.
What changes are proposed in fiscal policy?
The proposal includes stopping state budget support for inefficient enterprises and restructuring the exchange market to include all economic actors.