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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November 2014
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