The International Air Transport Association (IATA) has urged governments to help speed up the aviation industry’s recovery by abiding by international agreements and treaty obligations to enable airlines to repatriate close to nearly $1 billion in blocked funds from the sale of tickets, cargo space, and other activities.
“Governments are preventing nearly $1 billion of airline revenues from being repatriated,” said Willie Walsh, IATA’s director general. “This contravenes international conventions and could slow the recovery of travel and tourism in affected markets as the airline industry struggles to recover from the COVID-19 crisis. Airlines will not be able to provide reliable connectivity if they cannot rely on local revenues to support operations. Now is not the time to score an ‘own goal’ by putting vital air connectivity at risk.”
Approximately US $963 million in airline funds are being blocked from repatriation in nearly 20 countries with Bangladesh (US$146.1 million), Lebanon (US$175.5 million), Nigeria (US$143.8 million) and Zimbabwe (US$142.7 million) accounting for more than 60 percent of the total. Bangladesh and Zimbabwe have of late taken steps to reduce blocked funds.
“We encourage governments to work with industry to resolve the issues that are preventing airlines from repatriating funds,” added Walsh. “This will enable aviation to provide the connectivity needed to sustain jobs and energize economies as they recover from COVID-19.”
Malaysian defense company, Deftech, displayed a range of unmanned aerial vehicles (UAVs) intheir booth during the DSA 2022 expo. The…
Airbus has performed a first A380 flight powered by 100% Sustainable Aviation Fuel (SAF). Airbus’ A380 test aircraft MSN 1…
Cargojet has entered into a five-year strategic agreement with DHL, with a renewal option for an additional two years, to…
The Icelandic airline Eagle Air and the German aircraft manufacturer Deutsche Aircraft have announced a renewal of their support contract…
Hindustan Aeronautics Limited (HAL) has signed an Memorandum of Understanding (MoU) with UPNM Malaysia for collaboration and training of faculty…
Meopta is displaying a wide range of military-grade optical gun sights, scopes, and night vision equipment at the Defense Services…
After signing a Memorandum of Understanding (MoU) with Malaysia’s G7 Aerospace at DSA 2022 event on Monday (Mar. 28), Infoglobal…
Insight Atlantic, a Malaysian defense equipment supplier, is displaying a range of made-in Germany, Lowa tactical footwear in its booth…
PAL Aerospace and Thales have signed an agreement to jointly develop the next generation of mission system during the DSA…
Airod Techno Power (ATP) signed a Memorandum of Understanding (MoU) with Honeywell International to provide Maintenance, Repair, and Overhaul (MRO)…
Advanced Defence Systems (ADS) has signed an MoU with Nexter on the third day of the DSA 2022 event, Wednesday…
In a public announcement released by the Malaysian Ministry of Defence (MINDEF) on Wednesday (Mar. 30), there have been 54…
Sikorsky and Boeing on Thursday announced six new members, including Magnaghi Aeronautica and Collins Aerospace, of Team DEFIANT. The suppliers…
MA Group will provide the fully integrated landing gear system for the DEFIANT X helicopter, consisting of the nose and…
After spending about US$7.4 million on the project, the Australian government has cancelled its Project Air 7003, a program that…
AerCap has signed lease agreements for ten new Airbus A320neo aircraft and two new Airbus A330neo aircraft with ITA Airways.…
A routine service test for an Emirates Airbus A380 aircraft on April 1 has ended with a surprising result. …
Malaysia-based DefTech and Iveco Defence Vehicles are joining hands to establish an authorised MRO centre for Iveco Defence Vehicles trucks…
General Atomics-Aeronautical Systems, Inc. (GA-ASI) has begun the first installation of factory upgrades to a Gray Eagle-Extended Range (GE-ER) Unmanned…
FL Technics has launched a dedicated business line for wheels and brakes maintenance and opened a specialized shop at the…
ScioTeq has launched RDU-4208 LAD, its new full redundant Large Area Display (LAD) that can be deployed in new cockpits…
Etihad Airways, on March 31st., 2022, unveiled its new Airbus A350-1000, registration A6-XWB, on a special inaugural commercial flight from…
RGA-Black Stone Airlines, a newcomer in the Indonesian aviation business, officially started its business in the country after having its…
SIA Engineering Company Limited (SIAEC) announced that it has signed a non-binding Memorandum of Understanding (MoU) with Impeccable Vintage Properties…
Honeywell has signed separate MOUs with Malaysian firms Airod Techno Power (ATP) and Galaxy Aerospace that will further strengthen the…
AirAsia has announced that it will resume international flights from India to Malaysia and Thailand. Flights are now available from…
Embraer and the Brazilian Army have inked a contract to develop and implement Phase Two of the Army's Strategic Program…
The Philippine Air Force (PAF) officially inducted two Turkish-made T129B ATAK attack helicopters and an Airbus Defense and Space C-295…
General Atomics Aeronautical Systems, Inc. (GA-ASI) has been selected to support the Japan Coast Guard's (JCG) RPAS Project. Operations will…
The Royal Thai Navy (RTN) S26T submarine acquisition project from China is at risk of cancellation due to Germany’s refusal…
Headquartered in Singapore with reporters spread across all major regions, GBP Aerospace & Defence is a leading media house that publishes three publications that serve the aerospace and defence sector - Asian Defence Technology, Asian Airlines & Aerospace and Daily News. Known industry-wide for quality journalism, GBP Aerospace & Defence is present at more international tradeshows and exhibitions than any other competing publication in the region.
For over three decades, our award-winning team of reporters has been producing top-notch content to help readers stay abreast of the latest developements in the field of commercial aviation, MRO, defence, and Space.
Copyright 2023. GBP. All Rights Reserved.
Home Defence & Security Space Commercial Aviation Maintence Repair & Overhaul Daily News Events About Us
2024 GBP all rights reserved.