According to the International Air Transport Association (IATA), governments’ blocks on airline funds being repatriated have decreased by 28%. By the end of April, the total amount of blocked funds was about $1.8 billion, down $708 million (28%) from December 2023.
The data was presented during the World Air Transport Summit and 80th IATA Annual General Meeting (AGM), which took place in Dubai from June 2–4, 2024. Emirates Airline is hosting the event held in the United Arab Emirates for the first time. There will be more than 1,500 participants, including media representatives, government representatives, and leaders in the industry.
In compliance with international agreements and treaty obligations, IATA has once again called on governments to remove all obstacles to airlines’ repatriating earnings from ticket sales and other operations.
“It’s a good sign that less money is being blocked. But the remaining $1.8 billion is a big sum and needs to be dealt with immediately. Bilateral agreements ensure the efficient repatriation of airline revenues. More significantly, airlines must be able to offer economically vital connectivity since they run on very tight margins. Without access to legally earned income, no company can function for the long run, according to IATA Director General Willie Walsh. The principal factor contributing to the decrease was a notable release of funds blocked in Nigeria. Egypt also gave the go-ahead for releasing a sizeable amount of its blocked funds.
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