IATA: Blocked airline funds drop to $1.8 billion | Airlines

The International Air Transport Association (IATA) has reported a significant decrease in airline funds blocked from repatriation by governments. However, approximately $1.8 billion is still held up, with a significant portion of it being blocked in Pakistan and Bangladesh.

According to the latest IATA report, released on June 2, 2024, as of the end of April, the total amount of funds held up amounted to roughly $1.8 billion, marking a decrease of approximately $708 million, which accounts for about 28% since December 2023. The association clarified that the notable decrease was primarily propelled by the substantial release of funds previously blocked in Nigeria and Egypt.

In June 2023, Nigeria experienced a peak in blocked funds totaling $850 million, greatly impacting the country’s airline operations and financial stability. Air carriers encountered challenges repatriating revenues in US dollars, prompting some carriers to scale back operations, with one temporarily halting flights to Nigeria. But by April 2024, 98% of these funds had been successfully cleared.

Now the remaining $19 million is awaiting verification by the Central Bank, pertaining to outstanding forward claims submitted by commercial banks.

“We commend the new Nigerian government and the Central Bank of Nigeria for their efforts to resolve this issue. Individual Nigerians and the economy will all benefit…

Source www.aerotime.aero

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