Airlines demand Venezuela release $4.1bn

Continuing sales in the country keep growing

The International Air Transport Association has called on the Venezuelan government to honour the commitment it made in March to permit airlines to repatriate in full – and at fair exchange rates – airline funds being blocked in the country.

While Venezuela has permitted the repatriation of $424 million shared among a number of airlines, continuing sales in the country have seen the total amount owed grow to $4.1 billion.

Airlines can no longer afford the risk of not being paid while providing services to Venezuela, IATA stresses.

International capacity to and from Venezuela is down 49% from peak service levels offered last year, and 36% lower year-on-year.

The blocked money is from ticket sales in Venezuela and is being held by the country in breach of international treaties. IATA says that considering the fact that the global air transport industry is expected to post a collective $18 billion profit this year, the outstanding $4.1 billion is significant.

Travel Daily News

[pictured: Student confronting National Guard near Plaza Venezuela, March 2014]

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