Colon Free Zone Is Alert to Venezuelan Crisis

The concern is that the economic situation in the South American country will make the recovery of outstanding debts even more difficult.

Friday, February 21, 2014

The conflict currently facing Venezuela worries the Colon Free Zone (CFZ), as this may aggravate the collection of debts that are still owing.

Walter Brunetti, a financial analyst said: "The recent events in the country and the complicit silence of many of the trading partners tell of the fear not only of fracturing existing businesses and those in the future, but also convey the feeling of the natural fear of the uncollectibility of what is already owed."

"It is estimated that the debt owed by the country, a trading partner accounting for 30% of operations in the CFZ, is more than $1 billion. Its current political instability is keeping expectations of getting paid low."



More on this topic

Not Raining, But Pouring in CFZ-Venezuela Trade

March 2014

Businessmen in the CFZ expect that the break in relations between the countries will further hinder the recovery of $2 billion owed ​​by Venezuelan companies.

On Wednesday, Venezuelan President Nicolas Maduro announced the severance of diplomatic relations with Panama," freezing "all further trade and economic relations with the Central American nation.

Verification of Billing to Venezuela by CFZ

August 2013

For two weeks the national commission will be examining the validity of the debt documented as owed by Venezuelan businessmen to Panama exporters.

Prensa.com reports: "... the parties have agreed that Venezuela will send the records of more than 600 entrepreneurs who trade with the Colon Free Zone (CFZ), and then compare them with the data belonging to users of the Panamanian zone".

Meeting Between Venezuela and Panama Over CFZ Debt

August 2013

On August 12th talks will start on the debt held by Venezuelan companies with exporters from the Colon Free Zone.

According to Germán Gómez, president of the Association of Users of the CFZ, the goal is to specify how much of that debt corresponds to the National Administration Committee (Cadivi), who provides currency in Venezuela under the exchange control which has been in force in this country for more than a decade.

The $800 million that Venezuela Owes to CFZ

July 2013

Following the meeting of President Martinelli with his Venezuelan counterpart Nicolas Maduro, doubts remain about when the debt will be settled.

It's been two weeks since the Panamanian president, Ricardo Martinelli, visited his Venezuelan counterpart Nicolas Maduro, in order to find a solution to the problem of the debt owed ​​by Venezuelan entrepreneurs to the Colon Free Zone (CFZ).

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