The International Air Transport Association (IATA) issued a warning that the impacted markets’ airline connectivity is in danger due to the quickly growing quantities of frozen cash. From $1.55 billion in April 2022 to $2.27 billion in April 2023, the industry’s frozen funds have grown by 47%.
“Airlines must stop providing services in markets if they are unable to remit the profits from their business operations there. In order for airlines to continue providing the connectivity that is essential for fostering economic activity and job creation, governments must collaborate with the sector to find a solution, according to Willie Walsh, director general of IATA.
68.0% of the banned money is accounted for by the top five nations. These include:
- Nigeria (812,2 million dollars)
- Bangladesh (214.1 million dollars)
- Algeria (US$196.3 million)
- Pakistan ($188.2 million)
- Lebanon ($141.2 million)
IATA asked countries to uphold their duties under international treaties and accords so that airlines may return the money made from the sale of tickets, cargo space, and other services.
Source: traveldailymedia