Airline revenue of US$1.2b blocked across Africa-IATA
The global airline industry has US$1.2b blocked in 9 dollar-strapped African countries, IATA said Monday. The global commodities price crash that began in 2014 hit economies across Africa hard, particularly big resource exporters such as Angola and Nigeria. Low oil and mineral prices have reduced govt revenue and caused chronic dollar shortages and immense pressure on local currencies. The fiscal slump has meant govts have not allowed foreign airlines to repatriate their dollar profits in full. IATA's VP for Africa, Raphale Kuuchi, said that airlines were in talks with "a few govts to unblock airline funds". He did not specify the companies were affected. Of the total of $1.2b, Angola has blocked the largest amount, $500m, while Sudan has held up $200m. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-11-14/general/airline-revenue-of-us-1-2b-blocked-across-africa-iata
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Airline revenue of US$1.2b blocked across Africa-IATA
The global airline industry has US$1.2b blocked in 9 dollar-strapped African countries, IATA said Monday. The global commodities price crash that began in 2014 hit economies across Africa hard, particularly big resource exporters such as Angola and Nigeria. Low oil and mineral prices have reduced govt revenue and caused chronic dollar shortages and immense pressure on local currencies. The fiscal slump has meant govts have not allowed foreign airlines to repatriate their dollar profits in full. IATA's VP for Africa, Raphale Kuuchi, said that airlines were in talks with "a few govts to unblock airline funds". He did not specify the companies were affected. Of the total of $1.2b, Angola has blocked the largest amount, $500m, while Sudan has held up $200m. <br/>
