Venezuela is allegedly withholding billions of dollars from airlines around the world. The International Air Transport Association vice president Peter Cerda estimated the number at $3.8 billion for failure to reimburse currency balances.
He spoke out at a recent conference about the issue.
“I still think it will probably get worse before it gets better. The government’s main priority is not aviation…We know what’s happening in Venezuela with the uncertainty and violent demonstrations. The industry is trying to be sympathetic. The airlines don’t want to pull out of Venezuela, but we are getting to a point where airlines need to take business decisions.”
United Airlines is one company that recently announced that they would halt service to the country. Other airlines such as Lufthansa and Air Canada have pulled out in recent years as well.