The International Air Transport Association (IATA) reported a 28pc decrease in blocked airline funds, totalling $1.8bn at the end of April
IATA urged governments to remove barriers to airlines repatriating revenues for connectivity
Progress was made in clearing blocked funds in Nigeria and Egypt, though affected by currency devaluations
Eight countries hold 87pc of blocked funds, with Pakistan and Bangladesh accounting for $731m, prompting calls for immediate release of funds.
Willia Walsh, Director General OF IATA said: “Pakistan and Bangladesh must release the $731m in blocked funds immediately to ensure airlines can continue providing essential air connectivity. In Bangladesh, the solution is in the hands of the Central Bank, which must prioritize aviation’s access to foreign exchange in line with international treaty obligations. The solution in Pakistan is finding efficient alternatives to the system of audit and tax exemption certificates, which cause long processing delays,”
