Cuba's government unveiled 176 measures to expand private enterprise amid its worst economic crisis in modern history. The reforms would permit private businesses to hire more than 100 employees, allow multiple business ownership, and open the door to private banking. Power outages lasting 30 hours underscore the severity of the island's economic collapse.

Prime Minister Manuel Marrero acknowledged that wealth accumulation in private hands would no longer be forbidden, marking a stark departure from decades of communist orthodoxy. The package includes eliminating 70 prohibited business activities and permitting fast-food franchises, representing the most significant shift since the 1959 revolution.

However, economists question whether these changes can succeed without Trump administration sanctions relief. The U.S. State Department recently imposed new sanctions on Cuban financial institutions while dismissing the reforms as superficial. Experts warn that privatizing state assets without proper oversight could enable corruption and cronyism.

Foreign investors have already begun exiting Cuba due to regulatory uncertainty. Without clear implementation timelines, legal frameworks, and access to international capital, the ambitious overhaul may stall like previous reform efforts that were announced but never fully executed.