Cuban legislators, backed by the Communist Party and Raul Castro, passed 176 reform measures aimed at privatizing large sectors of the socialist economy and countering U.S. sanctions. The package, the most extensive economic overhaul since 1959, includes the development of private real estate and banks, greater autonomy for state companies, decentralised decision‑making, direct import and export licences for businesses, and a gradual phase‑out of subsidies and price controls. Inspired by reforms in China and Vietnam, the changes seek to introduce market mechanisms while preserving the single‑party socialist system.