IATA: Global blocked airline funds at USD1.7bn as of Oct-2024

IATA reported (09-Dec-2024) USD1.7 billion in airline funds were blocked from repatriation by governments as of the end of Oct-2024, compared to USD1.8 billion reported at the end of Apr-2024. Nine countries account for USD1.43 billion, or 83% of the total, and African countries account for 59%. Details include:

• Pakistan: USD311 million, held for 48 months. The total is an improvement from USD411 million in Apr-2024. IATA stated: "The main issue is the system of audit and tax exemption certificates which is causing long processing delays";
• XAF zone (Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon): USD235 million, held for 60 months, up by USD84 million compared to Apr-2024;
• Bangladesh: USD196 million, held for 47 months. The amount decreased from USD320 million in Apr-2024. IATA stated: "The Central Bank needs to continue to prioritise airlines' access to foreign exchange in line with international treated obligations";
• Algeria: USD193 million, held for 24 months, down from USD286 million in Apr-2024;
• Lebanon: USD142 million, held for 60 months;
• Mozambique: USD127 million, held for 47 months, up by USD84 million compared to Apr-2024;
• Angola: USD80 million, held for 36 months;
• Eritrea: USD75 million, held for 96 months;
• XOF zone (Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo): USD73 million, held for 12 months;
• Ethiopia: USD43 million, down from USD149 million in Apr-2024;
• Bolivia: Joined the list of blocked fund countries. IATA stated: "A further deterioration in the availability of foreign exchange, particular the US dollar, has resulted in an estimated USD42 million in airline funds being blocked in the country".

IATA director general Willie Walsh stated: "Over 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/XOF zones and Mozambique. Bolivia has also emerged as a problem, where repatriating sales revenues is becoming increasingly difficult and unsustainable for airlines". Mr Walsh added: "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". [more - original PR]