News
IATA reports increase in blocked funds
June 5th 2023
International Air Transport Association (IATA) director general, Willie Walsh, has called on governments to respect international agreements and treaty obligations regarding airlines' ability to repatriate revenues from the sale of tickets, cargo space, and other activities. Read More » Figures from the airline lobby group showed the total value of blocked funds rose 47% to US$2.3 billion in April 2023, compared with US$1.6 billion in the same month in 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," Walsh said on the eve of the IATA annual general meeting in Istanbul. "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."
