The Panamanian Government announced it will not renew a memorandum of understanding with China regarding its "Belt and Road Initiative," the country's project to finance infrastructure projects across several continents, a day after U.S. Secretary of State Marco Rubio warned its president to reduce influence from the Asian country around the canal or face consequences.
"The memorandum of understanding from 2017 regarding the Belt and Road Initiative won't be renewed by my government. We will study the possibility that it can be finished sooner but I think it will be done in a year or two because renewals take place every three years," said Jose Raul Mulino.
