Cuba has been known for its empty promises to citizens regarding economic reforms but recent news show that the winds of change have finally arrived at the country. For the first time in 50 years, the country is passing new laws as part of Raúl Castro’s plan  to boost the economy.

Throughout the Cold War, Cuba received significant economic and military assistance from its closest ally, the Soviet Union, and Havana found itself billions of dollars in debt to Moscow. In December 2013, the Russian Federation forgave 90% of Cuba’s debt, reducing the amount owed from $32 billion to $3.2 billion. Under the new agreement, Cuba has a decade to pay off this manageable amount. Plus, according to the CIA Factbook, Cuba’s GDP in 2012 was an estimated $121 billion and is increasing each year.  With these two factors working in tandem, Cuba is quickly eliminating its debt and increasing economic growth.

The Cuban government also took some steps to improve the lives of its people. Last July at the International Press Centre in Havana, government representatives revealed their plan to unify Cuba’s twin currencies (Cuban pesos used by locals and “convertible” pesos used by tourists) to reduce income inequality. The government has also renewed leases for land to be given to private farmers or co-operatives, relaxed restrictions on loans, allowed cars to be bought or sold freely, and permitted civilians to surf the internet at one of 118 internet centers.

But that‘s not all; the Cuban reform is also expanding in collaboration with other countries. The Brazilian government is seeking to hire Cuban doctors to work in parts of Brazil’s poor public health system to improve public services and exert influence in Cuba. With Brazilian exports to Cuba currently amounting to $450 million a year and Cuba reaping nearly $270 million a year from the deal,  the medical alliance between the countries has proven to be beneficial to both economies.  Brazil now ranks among Cuba’s largest trading partners and this relationship could help Brazilian companies find more or perhaps even better opportunities abroad. Other countries have also looked into doing business in Cuba such as Spain, a leader in foreign direct investment and tourism.

According to Cuba Headlines, Cuba’s GDP grew only 2.7 percent, far lower than the forecasted 3.6 percent. Cuba still has a long journey ahead to economic success, but with these new plans in place, the future of the country seems promising.