Cuba’s president urges ‘urgent’ changes to island’s economic and business model

The comments came as Cuba is feeling the pressure during a meeting of the Council of Ministers. The latest oil blockade Venezuelan oil shipments halted after U.S. Attack on South American countries January.

“We must immediately focus on implementing the urgent and most necessary transformation of our economic and social model,” he was quoted as saying by state media.

According to state-owned media reports, Díaz-Canel said that promoting the transformation of Cuba’s economic and social model is closely related to factors such as business and municipal autonomy, as well as the adjustment of the size of state machinery, government and institutions.

He called on municipalities to manage issues including foreign direct investment; economic partnerships between the state and non-state sectors; and investments with Cubans living abroad, according to state media.

Prime Minister Manuel Marrero Cruz says Cuba’s top priorities are food production and revamping the island’s power grid Severe power outages and fuel supply disruptions persist in.

State media quoted Energy and Mines Minister Vincent de la Rio Levy as saying that despite the distribution of solar panels to doctors, teachers and children, progress on municipalities developing transition strategies remained slow. Municipalities need to develop a sustainable development strategy that relies on their own resources, he said.

Last month, Cuba implemented austerity measures Fuel saving measuresincluding stopping some public transportation and taking classes online.

Last week, the U.S. Treasury Department slightly eased restrictions on Venezuelan oil sales to Cuba, but the island’s energy and economic crisis is expected to persist.

except its energy issuesCuba is facing a sharp increase in U.S. sanctions. Government statistics show that Cuba lost nearly $8 billion in revenue from March 2024 to February 2025, an increase of nearly 50% from the previous period.

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This article was generated from automated news agency feeds without modifications to the text.