NEWS

Cuba Let Go Of Grip On Private Business

Cuba has announced it will allow private businesses to operate in most sectors, in what is a major reform to its state-controlled economy.

Labor Minister Marta Elena Feito said the list of authorized activities had expanded from 127 to more than 2,000.

Only a minority of sectors would be reserved for the state, she said.
The communist country’s economy has been hit hard by the pandemic and U.S. sanctions introduced by the Trump administration.

Last year its economy shrank by 11% – its worst decline in almost three decades – and Cubans have been facing shortages of basic goods.

Ms Feito said just 124 economic activities would be exempt from private involvement although she did not mention which ones.

“That private work continues to develop, is the objective of this reform,” Ms. Feito was quoted by AFP as saying.

She said the move would “help free the productive forces” of the private sector.

Yvad Billings, Readers Contributor

Edited by Jesus Chan

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