STORY: Cuban lawmakers on Thursday (June 18) unanimously approved sweeping reforms backed by the Communist Party and former leader Raul Castro that would privatize a vast swath of the country's socialist economy in a bid to survive punishing U.S. sanctions.

The measures, if implemented as passed, would represent the single largest change to Cuba's socialist model since former leader Fidel Castro's 1959 revolution and a major shift toward a market economy.

The reforms open the door to private real estate development on the Caribbean island, propose transforming state-owned businesses into private commercial ventures with shares and equity stakes, and would allow private banks to enter Cuba's once state-dominated finance sector.

They would also allow the "sale of state-owned properties to national and foreign legal entities and individuals, including Cubans residing abroad," according to a televised presentation to lawmakers - a major change in a country where the state has long held control over land and industry.

Cuban President Miguel Diaz-Canel, in a speech just prior to Thursday's vote, told lawmakers to keep the faith in Cuba's socialist past.

"What we are defending here, above all, is the question of how to continue the process of building socialism. How to build socialism in a country that has suffered the longest, most criminal blockade in history by the most powerful country in the world," Diaz-Canel said, referring to U.S. sanctions.

Diaz-Canel said the measures were aimed at correcting errors and opening the economy further, while insisting Cuba remained willing to pursue a respectful relationship with the United States.

The package came as Cuba faced severe economic pressure from U.S. sanctions, a struggling state-run economy, declining tourism and shortages that have strained public services.

DESCRIPCIÓN DE IMÁGENES

Cuban lawmakers approve sweeping reforms to socialist model amid US pressure

VIDEO SHOWS: CUBAN LAWMAKERS VOTING ECONOMIC REFORMS / SOUNDBITES FROM CUBAN PRESIDENT MIGUEL DIAZ-CANEL

RESENDING WITH COMPLETE SCRIPT

SHOWS: HAVANA, CUBA (JUNE 18, 2026) (CUBA GOVERNMENT TV - Access All)

1. CUBAN ASSEMBLY SESSION

2. ASSEMBLY LEADERSHIP ANNOUNCING APPROVAL OF ECONOMIC MEASURES

3. LAWMAKERS RAISING THEIR HANDS

4. SCREENS SHOWING LAWMAKERS LISTENING

5. LAWMAKERS APPLAUDING

6. LAWMAKERS LISTENING

7. ASSEMBLY SESSION

8. (SOUNDBITE) (Spanish) CUBAN PRESIDENT, MIGUEL DIAZ-CANEL, SAYING:

"What we are defending here, above all, is the question of how to continue the process of building socialism. How to build socialism in a country which has suffered the longest, most criminal blockade in history by the most powerful country in the world."

9. LAWMAKERS DURING ASSEMBLY SESSION

10. DIAZ-CANEL AT PODIUM

11. (SOUNDBITE) (Spanish) CUBAN PRESIDENT, MIGUEL DIAZ-CANEL, SAYING:

"As we work to correct mistakes and shortcomings, while also facing the external siege, we have agreed to take on the always difficult mission of opening the economy even further, with priority given to caring for Cubans, whether they live in the country or not. These decisions are not tied to negotiations. Cuba remains willing to engage respectfully with the government of the United States on all possible issues, and that willingness is not only stated, it has been historically proven."

12. LAWMAKERS APPLAUDING

13. (SOUNDBITE) (Spanish) CUBAN PRESIDENT, MIGUEL DIAZ-CANEL, SAYING:

"Cuba is ready, today, right now, for a civilized and respectful relationship that benefits both peoples. The door will always be open to those willing to walk through it with the same respect with which we open it."

14. LAWMAKERS DURING DIAZ-CANEL’S SPEECH

15. VARIOUS OF CUBAN PRESIDENT SAYING (Spanish) "LONG LIVE FREE CUBA" AND OTHER SLOGANS, WITH LAWMAKERS RESPONDING

16. LAWMAKERS APPLAUDING