Cuba, the Communist dictatorship in the Caribbean, is to reform its economy to allow greater private sector activity.

Over the weekend the Cuban government said it would be opening up most of its economy to the private sector. This comes after reforms which saw the country scrap a dual currency system and devalue the Cuban peso.

According to the Financial Times the government would allow private sector involvement in over 2000 professions. It only allows the private sector to be involved in just over 100 professions currently. Other reforms include the end of subsidies to state-owned companies, even if this leads to their failure.

Cuba has been suffering from a number of sanctions that were enforced by the Trump administration, which it is hoped will be scrapped or loosened by Joe Biden. The island has also seen foreign tourists, a key source of income, decline significantly, by over 80%, due to the Covid-19 pandemic.

About 13% of Cubans are believe to be employed in the private sector, with a large proportion working in tourism-related fields.