The association, representing some 290 airlines, urged governments to abide by international agreements and treaty obligations to enable airlines to repatriate nearly $1 billion in blocked funds from the sale of tickets, cargo space, and other activities.
Four countries: Bangladesh ($146.1 million), Lebanon ($175.5 million), Nigeria ($143.8 million), and Zimbabwe ($142.7 million), account for over 60% of this total, although there has been positive progress in reducing blocked funds in Bangladesh and Zimbabwe of late.
IATA’s Director-General, Willie Walsh, said: “Governments are preventing nearly $1 billion of airline revenues from being repatriated.
“Airlines will not be able to provide reliable connectivity if they cannot rely on local revenues to support operations.
“That is why it is critical for all governments to prioritize ensuring that funds can be repatriated efficiently. Now is not the time to score an ‘own goal’ by putting vital air connectivity at risk.”
Source: dailytrust
