"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.

Panama's President Jose Raul Mulino has announced that the country will not renew its 2017 memorandum of understanding with China. The decision, which pertains to the Belt and Road initiative, was taken after a meeting with US Secretary of State Marco Rubio. Rubio urged Panama to distance itself from Beijing to maintain its sovereignty over the strategically important Panama Canal during their discussion.

Rubio explained President Trump’s position that Chinese influence over the canal is not only a threat to the waterway but is also “a violation of the Treaty Concerning the Permanent Neutrality and Operation of the Panama Canal,” the State Department said. Absent changes, the U.S. would “take measures necessary to protect its rights under the Treaty,” the statement added.