Story perspectives

Cuba Opens Economy to Exiles Amid Crisis and Skepticism

3/17/2026

Summary

Story summary

Cuba opened its economy to allow Cuban nationals living abroad to own businesses and invest in infrastructure, announced by Deputy Prime Minister Oscar Pérez-Oliva Fraga.
The move comes amid Cuba's economic collapse, severe fuel shortages, and public protests over blackouts.
The United States maintains strict sanctions, while the Cuban government hopes foreign investment will follow.
Many Cuban exiles remain skeptical, saying broader economic reforms and political freedoms are needed.

History

Historical Context

Since 2011, Cuba has pursued economic reforms under Raúl Castro, allowing limited private enterprise to combat a 12% GDP contraction from 1991 to 2000, worsened by U.S. sanctions. Deputy Prime Minister Oscar Pérez-Oliva Fraga's recent announcement highlights ongoing economic struggles and public dissent, as the government seeks to attract investment while addressing the demands of exiles for greater political freedoms.

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Story summary

Cuba opened its economy to allow Cuban nationals living abroad to own businesses and invest in infrastructure, announced by Deputy Prime Minister Oscar Pérez-Oliva Fraga.
The move comes amid Cuba's economic collapse, severe fuel shortages, and public protests over blackouts.
The United States maintains strict sanctions, while the Cuban government hopes foreign investment will follow.
Many Cuban exiles remain skeptical, saying broader economic reforms and political freedoms are needed.

1 / 2