IATA: Airlines’ unrepatriated funds hit $2.27bn in April 2023 – up by 47% | TheCable

The International Air Transport Association (IATA) says airlines’ funds blocked from repatriation globally have increased to $2.27 billion in April 2023.

The figure increased by 47 percent from $1.55 billion in April last year.

Disclosing this in a statement on Sunday, IATA warned that rapidly rising levels of blocked funds are a threat to airline connectivity in the affected markets.

The air transport association said five countries — Nigeria, Bangladesh, Algeria, Pakistan, Lebanon — account for 68.0 percent of the total blocked funds worldwide.

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A breakdown of the funds in some regions shows that a total of $812.2 million is withheld in Nigeria, while $214.1 million is trapped in Bangladesh.

According to IATA, the authorities of Algeria, Pakistan, and Lebanon are blocking the repatriation of $196.3 million, $188.2 million, and $141.2 million, respectively.

Willie Walsh, IATA’s director-general, called on governments to find lasting solutions to the situation to ensure aviation companies sustain connectivity.

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“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,” Walsh said.

IATA also ​​​​​urged governments to abide by international agreements and treaty obligations to enable airlines to repatriate the funds arising from the sale of tickets, cargo space, and other activities.

Article source: https://airlines.einnews.com/article/637699542/_Aw_gk5_9oND7LvW?ref=rss&ecode=vaZAu9rk30b8KC5H

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