AIRLINK 74.00 Decreased By ▼ -0.56 (-0.75%)
BOP 5.02 Decreased By ▼ -0.04 (-0.79%)
CNERGY 4.42 Decreased By ▼ -0.04 (-0.9%)
DFML 39.20 Decreased By ▼ -0.53 (-1.33%)
DGKC 86.09 Decreased By ▼ -1.46 (-1.67%)
FCCL 21.65 Decreased By ▼ -0.28 (-1.28%)
FFBL 34.01 Decreased By ▼ -0.58 (-1.68%)
FFL 9.92 Increased By ▲ 0.17 (1.74%)
GGL 10.56 Increased By ▲ 0.07 (0.67%)
HBL 113.89 Increased By ▲ 0.10 (0.09%)
HUBC 135.84 Decreased By ▼ -0.68 (-0.5%)
HUMNL 11.90 Increased By ▲ 1.00 (9.17%)
KEL 4.84 Increased By ▲ 0.17 (3.64%)
KOSM 4.53 Decreased By ▼ -0.11 (-2.37%)
MLCF 38.27 Decreased By ▼ -0.19 (-0.49%)
OGDC 134.85 Decreased By ▼ -1.29 (-0.95%)
PAEL 26.35 Decreased By ▼ -0.26 (-0.98%)
PIAA 20.80 Decreased By ▼ -1.69 (-7.51%)
PIBTL 6.68 Increased By ▲ 0.01 (0.15%)
PPL 123.00 Increased By ▲ 0.71 (0.58%)
PRL 26.69 Decreased By ▼ -0.28 (-1.04%)
PTC 14.33 Increased By ▲ 0.42 (3.02%)
SEARL 59.12 Decreased By ▼ -0.75 (-1.25%)
SNGP 69.50 Decreased By ▼ -0.56 (-0.8%)
SSGC 10.33 Decreased By ▼ -0.02 (-0.19%)
TELE 8.50 Decreased By ▼ -0.04 (-0.47%)
TPLP 11.23 Decreased By ▼ -0.11 (-0.97%)
TRG 64.85 Decreased By ▼ -1.15 (-1.74%)
UNITY 26.25 Decreased By ▼ -0.08 (-0.3%)
WTL 1.34 Decreased By ▼ -0.01 (-0.74%)
BR100 7,851 Increased By 26.3 (0.34%)
BR30 25,337 Decreased By -69.2 (-0.27%)
KSE100 75,207 Increased By 122.8 (0.16%)
KSE30 24,143 Increased By 49.1 (0.2%)

HAVANA: The Cuban government on Friday approved a law authorizing the creation of small and medium enterprises (SMEs), a major shift in the communist-ruled country where state-owned companies are the norm.

The change comes nearly a month after thousands of Cubans flocked to the streets decrying dictatorship and complaining of hunger in the largest demonstrations since the revolution that brought the late Fidel Castro to power in 1959.

At least one person died and hundreds were arrested in the unusual mass protests, which the government claimed were provoked by the United States.

President Joe Biden has slapped fresh sanctions on Cuban police for suppressing the unrest, and warned of additional punitive measures if the communist regime does not address the protesters’ demands for sweeping change.

In recent months the Cuban government has accelerated reforms to modernize the economy and staunch the worst economic crisis the island nation has experienced in 30 years. In part driven by US sanctions, the downtown and chronic shortages of food, electricity and medicine have been exacerbated by stringent measures against Covid-19.

In February, the government decided to open up much of the controlled economy to the fledgling private sector, except for key areas such as health, media and education. Around 2,000 activities were made available to self-employed workers.

Roughly 600,000 Cubans are estimated to be working in the private sector, about 13 percent of the workforce. But these so-called “cuentapropistas” have called for a legal structure that would explicitly permit their businesses.

Friday’s green light for small and medium enterprises was given during a session of the State Council, which President Miguel Díaz-Canel joined via video conference.

“The State Council approves the decree ‘On Micro, Small and Medium Enterprises’ which allows for their coherent insertion into the economy to be part of the productive transformation of the country,” a note posted to the National Assembly’s website said.

Comments

Comments are closed.