Title: Pakistan blocking $399m of airline revenues: IATA
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The International Air Transport Association (IATA) has demanded that the Pakistani government should immediately release the blocked payments to the international airlines operating in the country, compounding the difficulties faced by the local aviation industry, which was already suffering because of global bans.
It also told the Bangladeshi government to pay the held revenues to the airlines.
“The situation has become severe with airlines unable to repatriate over $720 million ($399 million in Pakistan and $323 million in Bangladesh) of revenues earned in these markets,” read a statement issued by IATA.
“Delaying repatriation contravenes international obligations written into bilateral agreements and increases exchange rate risks for airlines,” it quoted IATA’s Regional Vice President for Asia-Pacific Philip Goh as saying.
Published Date: 25-Apr-2024
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