IATA urged governments to abide by international agreements and treaty obligations to enable airlines to repatriate these funds arising from the sale of tickets, cargo space, and other activities.
ISTANBUL – The International Air Transport Association (IATA) warned that rapidly rising levels of blocked funds are a threat to airline connectivity in the affected markets. The industry’s blocked funds have increased by 47% to $2.27 billion in April 2023 from $1.55 billion in April 2022.
“Airlines cannot continue to offer services in markets where they are unable to repatriate the revenues arising from their commercial activities in those markets. Governments need to work with industry to resolve this situation so airlines can continue to provide the connectivity that is vital to driving economic activity and job creation,” said Willie Walsh, IATA’s Director General.
The top five countries account for 68.0% of blocked funds. These comprise:
- Nigeria ($812.2 million)
- Bangladesh ($214.1 million)
- Algeria ($196.3 million)
- Pakistan ($188.2 million)
- Lebanon ($141.2 million)
IATA urged governments to abide by international agreements and treaty obligations to enable airlines to repatriate these funds arising from the sale of tickets, cargo space, and other activities.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
