Cuba proposes sweeping reforms to socialist model amid US pressure

Cuba's prime minister has proposed sweeping economic reforms, including privatization, to counter US sanctions, which would transform the socialist economy and open up new sectors to private investment.

​Cuba`s prime ​minister ‌on Thursday presented lawmakers ​with sweeping measures backed ‌by the Communist Party and former leader Raul Castro that would privatize ‌a vast swath of ‌its socialist economy in a bid to survive punishing U.S. sanctions.

The ⁠measures - ​which ⁠still await a vote of approval ⁠by the National Assembly - would open ​the door to private real ⁠estate development on the Caribbean island, ⁠transform ​state-owned businesses into private commercial ventures with shares ⁠and equity stakes and allow private banks ⁠to ⁠enter Cuba`s once state-dominated finance sector.