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Airlines: Zimbabwe and Nigeria alone hold 30% of revenues

27/08/2021
Categories: General Information

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The International Air Transport Association (IATA) in a statement dated Thursday, August 19 informs that about $963 million in airline funds are prevented from repatriation to nearly 20 countries around the world, mainly in Africa.

                            

Airies still struggle to repatriate revenues from ticket sales and other activities in some parts of the world. In this regard, Africa remains the worst student, a situation that raises more fears for the future of carriers in this time of crisis. Nearly 30% of these funds are sequestered by Zimbabwe ($142.7 million) and Nigeria ($143.8 million). In the top 4 of the worst performers in this area, the two African countries are outclassed by Lebanon ($ 175.5 million) and Bangladesh ($ 146.1 million). Although progress has been made in Bangladesh and Zimbabwe in recent times, the Association recalls that this unjustified withholding of airline revenues raises fears for the survival of carriers. At the African level, the institution, which brings together more than 290 airlines, indicated last March that about 601 million dollars are still blocked in 17 African countries for various reasons. In addition to the two African nations mentioned above, IATA also indexes Algeria, Angola, Benin, Burundi, Central African Republic, Eritrea, Ethiopia, Equatorial Guinea, Malawi, Mozambique, Sudan, Gabon, Cameroon, Chad, Congo.

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