SINGAPORE, 6 June 2023: The International Air Transport Association (IATA) warns that an increase in countries blocking the repatriation of airline revenue threatens airline connectivity in the affected markets.
The industry’s blocked funds have increased by 47% to USD2.27 billion in April 2023 from USD1.55 billion in April 2022.
“Airlines cannot continue to offer services in markets where they cannot 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 vital to driving economic activity and job creation,” said IATA’s director-general Willie Walsh
IATA names the main culprits, five countries accounting for 68.0% of all blocked funds worldwide
- Nigeria (USD812.2 million)
- Bangladesh (USD214.1 million)
- Algeria (USD196.3 million)
- Pakistan (USD188.2 million)
- Lebanon (USD141.2 million)
IATA urged governments to abide by international agreements and treaty obligations to enable airlines to repatriate funds earned from the sale of tickets, cargo space, and other activities.
(SOURCE: IATA AGM)
