Facing a humanitarian crisis that threatens to set off new protests on the island, the Cuban government is taking the unprecedented step of authorizing foreign investment in its emerging private sector and will resume an official exchange market for the dollar, among 75 measures authorities said Thursday are meant to boost the country’s economic recovery.
Authorities will also cut custom fees and lift restrictions on some goods travelers can bring to the island, Economy Minister and Vice President Alejandro Gil said in a National Assembly meeting on Thursday.
The shutdown of tourism and official remittance channels from the United States deprived the government of two of its primary sources of foreign currency in the past two years. As a result, Cubans deal with shortages of food, medicine and fuel on a daily basis. The difficult economic situation also led to massive demonstrations last year, and frequent electrical blackouts this summer have already sparked protests.
Read more from our news partner at The Miami Herald.
