The International Air Transport Association says airlines are still owed a whopping $4.1 billion in airline funds and has called on the government to honor its commitment to pay up.
So far Venezuela has released around $424 million shared among several carriers but continuing ticket sales has seen the total owed mushroom to over $4 billion.
IATA says airlines can no longer afford to provide services without a guarantee of payment and seat capacity for international flights has fallen by nearly a half since last year’s peak period.
"Airlines cannot offer service when there is no certainty of payment," said IATA CEO Tony Tyler.
"Confidence in the market is falling sharply and most carriers are limiting their risk with reduced capacity, and several have completely pulled out," Tyler added.
IATA sent a fourth letter to Venezuelan President Nicolas Maduro urging action on the blocked funds.
The letter called for the "engagement and cooperation of the Venezuelan government to clear the debts quickly in a way that is fair and acceptable to the airlines involved."
Tyler also requested a high level meeting with the President to discuss the issues and agree a payment schedule.
