The Communist Party of Cuba has accepted the opening of the economy in unprecedented ways | Business and Financial Issues

The emergency economic package comes amid a US pressure campaign that has left the island nation reeling.

The Cuban Communist Party has adopted many unprecedented free market measures as part of its economic emergency.

The package was presented to the National Assembly on Thursday, where I was assured it would pass.

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The plan will expand business opportunities for businesses and create ways to attract more foreign investment, including from Cubans abroad.

It can also lay the foundation for private development on the Caribbean island and the transformation of public enterprises into private enterprises with divisions and divisions. It could also allow private banks to enter Cuba’s formerly state-controlled financial sector.

This package represents a radical change in Cuba, led by the Communist Party.

Speaking to the Central Committee of the party in a broadcast on Thursday, President Miguel Diaz-Canel said that the economic crisis in the country cannot be attributed to foreign pressure alone.

For years, the US has imposed a trade embargo on Cuba, weakening its economy. Since January, US pressure against Cuba has increased, with the administration of President Donald Trump blocking oil exports to the island.

But Diaz-Canel admitted that some of today’s economic problems were caused by domestic factors, referring to “obstacles that do not come from outside, or block”.

He also spoke of “delays, red tape and customs that hinder those who want to make it” and “decisions we have abandoned”.

“This calls for immediate and necessary change,” he said.

On Thursday, the European Union increased pressure on Cuba, approving a resolution that called for Diaz-Canel to be punished by the leadership of Grupo de Administracion Empresarial SA, a business group controlled by the Cuban military.

The EU resolution condemned what it called “systematic repression” by the Cuban government, while calling for “serious economic and political reforms”.

In his speech, Diaz-Canel also said that there could be opposition to the emergency economic plan from hardliners in the Communist Party, which has ruled Cuba since 1965.

Some of the changes, he said, “may not be consensual, but they cannot be stopped”.

Former Cuban leader Raul Castro, who was impeached by the US in May, also supported the plan.

Trump administration officials, particularly Secretary of State Marco Rubio, have repeatedly said that economic reforms could reduce Washington’s pressure on the island. But the US was not quick to respond to the latest developments.

Meanwhile, US Vice President JD Vance was asked on Thursday whether the Trump administration would turn to Cuba after reaching an agreement to end the war with Iran.

Trump has repeatedly floated all-out war and what he has described as a “friendly occupation” of Cuba.

Vance replied that Washington wanted the Cuban people to be “happy and successful”.

“We’re talking to the Cuban government right now about how they can change their transfer process,” Vance said.

“If they make wise decisions, we will have a much better relationship with the island.”