Cuba proposes sweeping reforms to socialist model amid US pressure

HAVANA: Cuba’s prime minister on Thursday presented ​lawmakers with sweeping measures backed by the Communist Party and former leader Raul ‌Castro that ‌would privatize ​a ‌vast ⁠swath ​of its ⁠socialist economy in a bid to survive punishing US sanctions.
The measures — ⁠which still await ‌a ‌vote of ​approval ‌by the National ‌Assembly — would open the door to private real estate development ‌on the Caribbean island, transform ⁠state-owned businesses ⁠into private commercial ventures with shares and equity stakes and allow private banks to enter Cuba’s once state-dominated finance ​sector.