HAVANA (AP) — Cuba’s Communist Party has approved an emergency economic package featuring unprecedented free-market measures aimed at opening up the struggling island’s economy following heightened pressure from the United States.While the full document has not been released, here are some of the proposals, based on statements by Cuban President Miguel Díaz-Canel and other officials.Decentralize state-run economyMeasures are expected to further decentralize Cuba’s state-run economy. Under the island’s current economic model, the government largely determines what is produced, who produces it, the prices at which goods are sold and how the country’s resources are allocated.Nonspecific changes to foreign exchange marketCurrently, only state agencies and banks can exchange currencies, though many people rely on the informal market.Government downsizing Legislation has been introduced to reduce the number of ministries from 27 to 21 for greater efficiency.
Municipal independenceThe measures would give municipalities greater authority to approve businesses operating within their jurisdictions and to manage relations with economic actors, including state-owned enterprises, cooperatives and private companies. Municipalities also would be allowed to import and export goods and manage their own foreign-currency revenue. Cuba has 168 municipalities across its 15 provinces.
