Cuba's president pushes for 'urgent' changes to island's economic and business model

Cuban President Miguel Díaz-Canel says his government should “immediately” focus on implementing urgent transformations to the island’s economic and social model as oil reserves in the Caribbean country dwindle

HAVANA -- Cuban President Miguel Díaz-Canel said Monday that his government should “immediately” focus on implementing urgent transformations to the island’s economic and social model as oil reserves in the Caribbean country dwindle.

The comments made during a meeting of the Council of Ministers come as Cuba feels the squeeze of a recent oil blockade coupled with a halt in oil shipments from Venezuela after the U.S. attacked the South American country in January.

“We must focus, immediately, on implementing the urgent, most necessary transformations that must be made to the economic and social model," he was quoted as saying by state-owned media.

Díaz-Canel said the push to transform Cuba’s economic and social model are tied to business and municipal autonomy and the resizing of the state apparatus, government and institutions, among other things, according to state-owned media.

He called on municipalities to manage issues including foreign direct investment; economic partnerships between the state and non-state sectors; and investments with Cubans residing abroad, according to state-owned media.