{"id":13421,"date":"2024-12-10T16:20:14","date_gmt":"2024-12-10T16:20:14","guid":{"rendered":"https:\/\/ugandaupdatenews.com\/?p=13421"},"modified":"2024-12-10T16:20:28","modified_gmt":"2024-12-10T16:20:28","slug":"usds-1-7-billion-in-airline-funds-blocked-by-governments-iata","status":"publish","type":"post","link":"https:\/\/prowebinhost.com\/anzu\/usds-1-7-billion-in-airline-funds-blocked-by-governments-iata\/","title":{"rendered":"USDs 1.7 Billion in Airline Funds Blocked by Governments-IATA"},"content":{"rendered":"\n

9 December 2024 (Geneva)<\/strong> \u2013 The International Air Transport Association (IATA)  has reported that $1.7 billion in airline funds are blocked from repatriation by governments as of the end of October 2024. This is a small improvement compared to the $1.8 billion reported at the end of April.<\/p>\n\n\n\n

\u201cOver the last six months, we have seen significant reductions in blocked funds in Pakistan, Bangladesh, Algeria and Ethiopia. At the same time, amounts are rising in the XAF<\/a>[1]<\/sup><\/a>\/XOF<\/a>[2]<\/sup><\/a> zones and Mozambique. Bolivia has also emerged as a problem, where repatriating sales revenues is becoming increasingly difficult and unsustainable for airlines. This unfortunate game of \u2018whack-a-mole\u2019 is unacceptable.  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,\u201d said Willie Walsh, IATA\u2019s Director General.<\/p>\n\n\n\n

\u201cNo 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. Economies will suffer if connectivity collapses. So, it is in everyone\u2019s interest, including governments, to ensure that airlines can repatriate their funds smoothly,\u201d said Walsh.<\/p>\n\n\n\n

Nine countries account for 83% of the airline industry\u2019s blocked funds, amounting to $1.43 billion with Pakistan leading the pack ,and on the African continent Algeria, Mozambique, Angola and Eritrea are leading among countries blocking airlines funds.<\/p>\n\n\n\n

Country<\/strong><\/td>Amount US$ Million<\/strong><\/td>Months Held<\/strong><\/td><\/tr>
Pakistan<\/strong><\/td>$311<\/td>48<\/td><\/tr>
XAF Zone<\/strong><\/td>$235<\/td>60<\/td><\/tr>
Bangladesh<\/strong><\/td>$196<\/td>47<\/td><\/tr>
Algeria<\/strong><\/td>$193<\/td>24<\/td><\/tr>
Lebanon<\/strong><\/td>$142<\/td>60<\/td><\/tr>
Mozambique<\/strong><\/td>$127<\/td>47<\/td><\/tr>
Angola<\/strong><\/td>$80<\/td>36<\/td><\/tr>
Eritrea<\/strong><\/td>$75<\/td>96<\/td><\/tr>
XOF Zone<\/strong><\/td>$73<\/td>12<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Country Highlights<\/strong><\/p>\n\n\n\n

Pakistan<\/strong> continues to top the list of blocked funds countries at $311 million. This is an improvement from $411 million in April 2024. The main issue is the system of audit and tax exemption certificates which is causing long processing delays.<\/p>\n\n\n\n

Bangladesh<\/strong> has seen the amount of blocked funds decrease to $196 million (from $320 million in April). The Central Bank needs to continue to prioritize airlines\u2019 access to foreign exchange in line with international treated obligations.<\/p>\n\n\n\n

About $1 billion of airline money blocked from repatriation is in African countries. That is about 59% of the global tally. Over the last six months, there were significant reductions in blocked funds in Algeria<\/strong> ($193 million from $286 million April) and Ethiopia<\/strong> ($43 million from $149 million in April). At the same time, XAF Zone<\/strong> (+$84 million), Mozambique<\/strong> (+$84 million) and XOF Zone<\/strong> (+$73 million) contributed to the largest increases.<\/p>\n\n\n\n

Bolivia<\/strong> is new to the list of blocked fund countries. A further deterioration in the availability of foreign exchange, particular the US dollar, has resulted in an estimated $42 million in airline funds being blocked in the country.<\/p>\n\n\n\n

Editor: msserwanga@gmail.com<\/strong><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

9 December 2024 (Geneva) \u2013 The International Air Transport Association (IATA)  has reported that $1.7 billion in airline funds are<\/p>\n","protected":false},"author":1,"featured_media":13422,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[180],"tags":[],"class_list":["post-13421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aviation"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/12\/iata.jpg","jetpack-related-posts":[{"id":14544,"url":"https:\/\/prowebinhost.com\/anzu\/1-3-billion-in-airline-funds-blocked-by-governments-mozambique-tops-the-list-iata\/","url_meta":{"origin":13421,"position":0},"title":"$1.3 Billion in Airline Funds Blocked by Governments – Mozambique tops the list – IATA","author":"MOSES SSERWANGA","date":"June 1, 2025","format":false,"excerpt":"New Delhi -\u00a0The International Air Transport Association (IATA) reported that $1.3 billion in airline funds are blocked from repatriation by governments as of end April 2025. 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