THE International Air Transport Association (IATA) has issued a warning that the amount of outstanding funds due to airlines and which are currently being blocked by individual governments has soared by more than 25 per cent (US$394 million) in the last six months, reports London's Air Cargo Eye.
Venezuela, Nigeria and Pakistan are revealed as the worst when it comes to deliberately withholding payments that are historically collectively owed to airlines for the local sales of their airline passenger tickets and cargo shipments.
This hiatus is preventing many airlines from serving these nations, IATA stressed.
Overall, repatriations of airline funds are currently being blocked in more than 27 countries and territories, IATA revealed. Not including the $3.8billion total of worst offender Venezuela, total funds currently blocked elsewhere are now in excess of $2 billion, it is estimated.
In line with international agreements and existing treaty obligations, IATA is urging those governments to remove all barriers to repatriating airlines with their revenues from ticket sales and other activities, says a statement.
In particular, IATA is pointing its finger at Venezuela to settle its colossal $3.8 billion tally of airline funds that have been blocked from repatriation from that Latin American country since 2016 - when the last authorization for the limited repatriation of funds was allowed by the Venezuelan government.
'Preventing airlines from repatriating their funds may appear to be an easy way to shore up depleted treasuries but, ultimately, the local economy will pay a high price,' the IATA statement warns.
Excluding Venezuela, the top five nations which are currently blocking funds are Nigeria: $551 million, Pakistan: $225 million, Bangladesh: $208 million, Lebanon: $144 million and Algeria: $140 million.
SeaNews Turkey
Venezuela, Nigeria and Pakistan are revealed as the worst when it comes to deliberately withholding payments that are historically collectively owed to airlines for the local sales of their airline passenger tickets and cargo shipments.
This hiatus is preventing many airlines from serving these nations, IATA stressed.
Overall, repatriations of airline funds are currently being blocked in more than 27 countries and territories, IATA revealed. Not including the $3.8billion total of worst offender Venezuela, total funds currently blocked elsewhere are now in excess of $2 billion, it is estimated.
In line with international agreements and existing treaty obligations, IATA is urging those governments to remove all barriers to repatriating airlines with their revenues from ticket sales and other activities, says a statement.
In particular, IATA is pointing its finger at Venezuela to settle its colossal $3.8 billion tally of airline funds that have been blocked from repatriation from that Latin American country since 2016 - when the last authorization for the limited repatriation of funds was allowed by the Venezuelan government.
'Preventing airlines from repatriating their funds may appear to be an easy way to shore up depleted treasuries but, ultimately, the local economy will pay a high price,' the IATA statement warns.
Excluding Venezuela, the top five nations which are currently blocking funds are Nigeria: $551 million, Pakistan: $225 million, Bangladesh: $208 million, Lebanon: $144 million and Algeria: $140 million.
SeaNews Turkey