{"id":272203,"date":"2023-06-04T14:09:14","date_gmt":"2023-06-04T13:09:14","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=272203"},"modified":"2023-06-04T14:09:14","modified_gmt":"2023-06-04T13:09:14","slug":"foreign-airlines-trapped-funds-hit-812m","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/06\/04\/foreign-airlines-trapped-funds-hit-812m\/","title":{"rendered":"Foreign Airlines\u2019 Trapped Funds Hit $812m"},"content":{"rendered":"

According to the International Air Transport Association (IATA), foreign airlines are finding it increasingly difficult to retrieve their earnings from Nigeria, with blocked funds totaling $812.2 million.<\/p>\n

This situation is part of a growing global concern about frozen funds, which threatens global airline connectivity and economic activity.<\/p>\n

According to IATA<\/a>, global blocked funds increased by 47% in April 2023 to $2.27 billion, up from $1.55 billion in April 2022.<\/p>\n

This increase indicates that airlines are having difficulty repatriating commercial earnings from specific markets, making it difficult to maintain the critical connectivity that drives global economic activity and job creation.<\/p>\n

Willie Walsh, Director-General of IATA, emphasized the importance of resolving this issue.<\/p>\n

\n
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Airlines cannot continue to offer services in markets where they are unable to repatriate the revenues arising from their commercial activities in those markets,\u201d<\/em>\u00a0Walsh said.<\/p>\n

Governments need to work with industry to resolve this situation so airlines can continue to provide the connectivity that is vital to driving economic activity and job creation.<\/em><\/p><\/blockquote>\n

According to IATA’s most recent estimates, five countries, including Nigeria, account for an alarming 68.0% of total blocked funds.<\/p>\n

Nigeria ($812.2 million), Bangladesh ($214.1 million), Algeria ($196.3 million), Pakistan ($188.2 million), and Lebanon ($141.2 million) are the countries involved.<\/p>\n

As a result of this situation, IATA has urged governments to follow international treaties and agreements that allow airlines to repatriate funds earned from ticket sales, cargo space, and other operations.<\/p>\n

Noncompliance could endanger the aviation industry’s stability and continuity.<\/p>\n

IATA urged governments to abide by international agreements and treaty obligations to enable airlines to repatriate these funds arising from the sale of tickets, cargo space, and other activities,<\/em>\u00a0Walsh restated.<\/strong><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

According to the International Air Transport Association (IATA), foreign airlines are finding it increasingly difficult to retrieve their earnings from Nigeria, with blocked funds totaling $812.2 million. This situation is part of a growing global concern about frozen funds, which threatens global airline connectivity and economic activity. According to IATA, global blocked funds increased by 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