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Digital Subscriptions > Airliner World > November 2014 > Venezuelan Debt Mounts...

Venezuelan Debt Mounts...

THE INTERNATIONAL Air Transport Association (IATA) has called on Venezuela to honour its commitment made in March to permit airlines to repatriate blocked revenues from ticket sales in the country. IATA said around $424 million had been shared among a number of carriers but continuing sales in the country had seen the total amount owed grow to a staggering $4.1 billion. The global air transport industry is expected to post a collective $18 billion profit this year, making the outstanding $4.1 billion of revenues a very significant sum. Many airlines have reduced the frequency of flights to the country or stopped them altogether and international capacity is down 49% year-on-year. Tony Tyler, IATA’s Director General and CEO, said: “Airlines cannot offer services when there is no certainty of payment. The Venezuelan Government had made many promises to abide by its obligations, but $4.1 billion remains unpaid.” IATA has sent a fourth letter to President Nicolas Maduro, calling for urgent talks to help the two dozen carriers who are owed money reach a fair and acceptable agreement to quickly clear the debts.

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About Airliner World

In the November issue of Airliner World, we profile Australia’s leading domestic airline and flag carrier subsidiary QantasLink. We also report on Latvian carrier airBaltic’s recent turnaround, welcome the arrival of Qatar Airways’ first Airbus A380 and examine whether global airline alliances are here to stay, or are they being put under pressure by new models of inter-carrier co-operation This issue celebrates some major landmarks; we join US Airways for the final flights of its iconic Boeing 737 Classics and we fly on the last Cyprus Airways service from London/Heathrow to Larnaca. Maintaining our historical theme, we have part 1 of the United/Continental Airlines story, and we fly Pam Am International Flight Academy’s full-motion Boeing 707 simulator, the last device of its kind in existence. The latest issue incorporates our comprehensive coverage of worldwide news, including Garuda Indonesia’s new services from London to Jakarta, the Boeing 737 MAX 200 launch and the official opening of Jet2.com’s multi-million pound training facility, plus all of our regular sections covering the latest commercial aircraft acquisitions, up-to-date accident reports and developments from the world of aviation training.
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