News
Global industry association reports progress in collecting funds owed to airlines
December 10th 2024
At October 31, the world’s carriers were awaiting repatriation of approximately US$1.7 billion to their home markets, International Air Transport Association (IATA) data shows. Read More » This was a "small improvement" from the US$1.8 billion in blocked funds due to airlines at last April 30, the airline lobby group said. Pakistan remains top of the list of blocked funds countries, but the amount it is withholding was down to US$311 million at the end of October from US$411 million in April. Similarly, funds blocked by Bangladesh declined to US$196 million, from US$320 million. IATA said there were significant increases in blocked funds in several African countries and that Bolivia is now on the list. "Governments must remove all barriers for airlines to repatriate their revenues from ticket sales and other activities in accordance with international agreements and treaty obligations,” IATA director-general, Willie Walsh, said. “No country wants to lose aviation connectivity, which drives economic prosperity. But if airlines cannot repatriate their revenues, they cannot be expected to provide a service.”
