IATA urges countries to release blocked airline revenue

The International Air Transport Association (IATA) is pushing hard for the release of $6 billion in blocked airline revenue.

It says airline members’ assets are held in more than 27 countries worldwide.

The total has risen by $395 million in the past six months alone.

It urges governments to release trapped airline revenue carriers have earned from ticket and cargo sales.

IATA director general Willie Walsh says more airlines will pull out of markets due to the issue.

“No business can sustain providing service if they cannot get paid and this is no different for airlines,” Walsh said.

Venezuela owes the most at around $3.8 billion.

Over $2 billion is trapped elsewhere with problematic countries including Nigeria, Pakistan and Bangladesh.

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