In response to actions taken by the Maduro government, Panama will suspend cargo and passenger transport activities of Venezuelan airlines operating in the country for three months.
Immediately after the retaliation measures that the Varela administration intends to implement were made public, the Venezuelan government announced it will suspend economic relations with more companies in Panama and freeze their accounts, although they did not specify who those companies will be.
The suspension of the flights by the Panamanian airline to the South American country is one of the consequences of the political and commercial conflict that has arisen between the governments of Maduro and Varela.
Following the Maduro government's announcement of economic measures against Panama, which include the suspension of economic and commercial activities for a period of 90 days, including the suspension of Copa Airlines flights, the Panamanian airline announced that it will reimburse the value of the air tickets.See "Deterioration of Trade Relationship Between Panama and Venezuela"
The Maduro government has announced a ban on carrying out commercial or financial activities with 22 Panamanian government officials and 46 Panamanian private sector companies.
Prensa.com reports that "...Among the Panamanian companies affected are Copa Airlines, Vida Panama, Supercentro Casanova, Casablanca, and Yamaha Music Latin America, among others."
Both governments agreed to reopen the corresponding diplomatic missions and resume trade relations starting July 1st.
Nicolás Maduro's government suspended political and trade relations with the Panamanian government on March 5, denouncing political interference from former President Ricardo Martinelli.
A government statement by Panama mentioned in Prensa.com notes that "...
The Venezuelan bank has moved its headquarters from Caracas to Panama City in order to manage, from there, the running of its branches in the other countries where it operates.
Dispelling rumors of a sale of its operations in Venezuela the government of Nicolas Maduro has announced that the entity will set up in Panama and from there coordinate activities in the 14 countries where it operates.
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.
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).
Panama and Venezuela are to create a bilateral technical committee to reach an agreement on the debts held by Venezuelan entrepreneurs with the Colon Free Zone.
According to Panamanian Foreign Minister Fernando Nunez, "the first payment will be made almost immediately." "The new program agreed by the Government of Venezuela enables these companies to pay off their debts directly with the Colon Free Zone," he said.
Restrictions faced by Venezuelan businessmen in obtaining dollars are causing delays in paying imports from the Colon Free Zone.
"I will travel to Venezuela on Monday," said Ricardo Martinelli, who said he hopes to have "a direct frank and sincere conversation, with President (Nicolas) Maduro". The president will travel with several Panamanian businessmen to the country to find a way to facilitate the prompt payment of debst to the businesses in the CFZ.