government in Cuba is legalising ownership of small and medium-sized businesses. This represents monumental shift in policy from communist-ruled country. State-owned companies have traditionally been norm in Cuba, following revolution in 1959 that brought Fidel Castro to power. He nationalised Cuba's industries to put them into state hands. new policy allows entrepreneurs to operate businesses that have up to 100 employees. change of heart from the government came after month of street protests. Thousands of Cubans demonstrated against dire economic conditions. People also protested about lack of food and the handling of the coronavirus pandemic.
Cuban President Miguel Diaz-Canel said he would introduce new initiatives to revitalise his country's economy. Cuba relies on tourism for much of its foreign currency reserves. Global restrictions on travel during pandemic have severely impacted this sector. Another key industry in Cuba is production of sugar. Bad weather has resulted in poor harvests and reduced revenues. These events have depleted government's reserves of foreign currency, which means it has become difficult for country to import food and medicine. Cuba expert O'Neill Diaz said "many entrepreneurs from private sector have spent years striving, working and trying to contribute" to Cuba's economic well-being.
