IATA: Venezuela blocking repatriation of US$3.8 billion from airlines

The International Air Transport Association (IATA) announced on 7 December 2016 that Venezuela is blocking the repatriation of US$3.8 billion in airline industry funds, in violation of its international obligations (El Nacional). In its latest report, the IATA predicted Latin American airlines will post a net profit of US$200 million in 2017, down from the forecast of US$300 million in 2016 (La Patilla). According to the IATA, the majority of countries in the region, with the exception of Panama and Chile, have not created optimal conditions for the air transport industry to thrive, due to deficient infrastructure, high taxes, and increasing regulations across Latin America (Globovisión).