HAVANA, June 18 (Reuters) – Cuba`s prime minister on Thursday presented lawmakers with sweeping measures backed by the Communist Party and former leader Raul Castro that would privatize a vast swath of its socialist economy in a bid to survive punishing U.S. sanctions. The measures – which still await a vote of approval by the […]
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Cuba proposes sweeping reforms to socialist model amid US pressure
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HAVANA, June 18 (Reuters) – Cuba`s prime minister on Thursday presented lawmakers with sweeping measures backed by the Communist Party and former leader Raul Castro that would privatize a vast swath of its socialist economy in a bid to survive punishing U.S. sanctions.
The measures – which still await a vote of approval by the National Assembly – would open the door to private real estate development on the Caribbean island, transform state-owned businesses into private commercial ventures with shares and equity stakes and allow private banks to enter Cuba`s once state-dominated finance sector.
(Reporting by Dave Sherwood, Editing by Franklin Paul)