IATA laments failure of airlines to repatriate funds from Nigeria, others

The International Air Transport Association (IATA) lamented the failure of airlines to repatriate funds from several countries around the world.

The organization said an estimated $ 963 million in airline funds is blocked for repatriation in nearly 20 countries.

He added that four countries, including Nigeria, accounted for more than 60% of the figure.

The countries are Bangladesh ($ 146.1 million), Lebanon ($ 175.5 million), Nigeria ($ 143.8 million) and Zimbabwe ($ 142.7 million).

IATA, representing 290 airlines, has urged governments around the world to abide by international agreements and treaty obligations to allow airlines to repatriate nearly $ 1 billion in stranded funds from ticket sales, cargo space and other activities.

“Governments are preventing the repatriation of nearly $ 1 billion in airline revenues,” said IATA chief executive Willie Walsh.

“This contravenes international conventions and could slow the recovery of travel and tourism in affected markets as the airline industry struggles to recover from the crisis. COVID-19 crisis.

“Airlines will not be able to provide reliable connectivity if they cannot rely on local revenues to support their operations.

“This is why it is essential that all governments prioritize so that funds can be repatriated effectively. Now is not the time to score an “own goal” by jeopardizing vital air connectivity. “

However, IATA added that there had been positive progress in reducing the funds stranded in Bangladesh and Zimbabwe in recent years.

The organization has deplored over the years the blocking of funds by certain countries around the world.

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