Cubans greet sweeping market reforms with hope, doubt and fatigue

Cuba's government has approved significant market-oriented reforms, opening its tightly controlled economy to private and foreign capital, in a bid to preserve socialism amidst a deepening crisis.

Cubans in Havana reacted with a mix ​of hope, skepticism and exhaustion on Friday ​after the government approved its biggest ‌market-oriented reforms ​in decades, opening parts of the island's tightly controlled economy to private and foreign capital.

For many on the Caribbean island, the announcement was notable not ‌only for its scale, but for what it implied: that one of the world's last Soviet-style economies may be edging toward a model closer to China or Vietnam as a deepening crisis erodes daily life. Lawmakers approved a ‌package of 176 measures after the Communist Party endorsed the plan earlier in the week. The proposals ‌include expanding private enterprise, attracting more foreign investment, allowing private participation in banking and opening some state companies to private shareholders.

Authorities say the reforms are meant to preserve socialism, not abandon it. On Havana's streets, however, the reaction was cautious.

"First, let's see whether these ⁠measures ​are actually implemented," said Olian ⁠Valdes, 50, who said he learned of the announcement hours late because blackouts had cut power to his home. "I don't think it ⁠will make much difference for ordinary Cubans because they have nothing to invest," he said. "The gap between salaries and prices ​will remain the same."

Cuba has struggled for years with shortages of food, fuel and medicine, and ⁠conditions have worsened sharply in 2026 as fuel supplies tightened and blackouts spread. "We're at a point where the current system simply ⁠isn't working," ​said Omara Oliva, 53. "If new measures - even capitalist ones - help people eat better and improve their lives, then they are welcome."

Still, officials have provided few details on how quickly the measures will take effect, ⁠how they will be regulated or who will benefit first. That uncertainty is especially acute in a country where ⁠inflation has battered ⁠wages and many families rely on remittances or the informal economy. "For now, we have to wait and see," said Leonardo Benitez, 61, who said the reforms would ‌help only ‌if applied fairly.