Cuba approves economic reforms to boost private sector, investment

The Communist Party of Cuba on Wednesday approved a fast-track package of economic reforms. The package aimed at liberalizing the island's economy, expanding the private sector, and attracting foreign investment to counter crippling U.S. sanctions and a severe domestic resource crisis.

The tourism sector is being opened to non-traditional and private players to fill the gap left by the withdrawal of several major foreign hotel operators. State-owned enterprises will also gain greater autonomy, enabling them to set wage systems and operate without government interference.