IT IS hard to comprehend how a country which boasts the highest volume of proven oil reserves in the world has spiralled into such internal chaos that it is on the brink of killing off its own air transport sector, writes Thelma Etim.

But Venezuela’s government is in the process of doing just that by continuing to refuse to release US$3.8 billion owed to 24 international airlines.

It is somewhat ironic and illogical that the authorities presiding over such economic turmoil in the South American country are prepared to put at risk their air transport industry – an essential conduit for global business and economic growth.

In breach of international treaties, Venezuela has held on to to the revenue from airline tickets sales and cargo carriage for 20 months.

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