Blocked Airline Funds: 8 Nations Hold $1.6Bn, Africa Tops List
Airline blocked funds down 28%, African nations still account for $1.6 Billion
The International Air Transport Association (IATA) has reported progress on airlines repatriating revenue trapped by government restrictions.
Blocked airline funds have decreased by $708 million since December 2023, but $1.8 billion remains inaccessible as of April 2024-end.
“The remaining $1.8 billion, however, is significant and must be urgently addressed,” stated Willie Walsh, IATA’s Director General. “The efficient repatriation of airline revenues is guaranteed in bilateral agreements. Even more importantly, it is a pre-requisite for airlines—who operate on thin margins—to be able to provide economically critical connectivity. No business can operate long-term without access to rightfully earned revenues”
Progress Highlights
- Nigeria has cleared the most blocked funds ($850 million), bringing the total of repatriated blocked funds to 98%.
- Egypt also made progress, but currency devaluation impacted airlines.
Remaining Challenges
Eight countries still hold 87% of blocked funds ($1.6billion).
The top nations, in terms of US Millions: Pakistan ($411), Bangladesh ($320), Algeria ($286), XAF zone ($151), Ethiopia ($149), Lebanon ($129), Eritrea ($75), and Zimbabwe ($69).
IATA has urged governments to prioritise clearing these funds to ensure smooth airline operations and economic connectivity.
