Foreign airlines have US$540 million retained in Angola

19 January 2018

Foreign airlines have US$540 million in funds retained in Angola due to an inability to obtain foreign exchange to repatriate revenues, the president of International Air Transport Association (IATA) said on Thursday in Luanda.

Alexandre Juniac, speaking on the sidelines of an international conference on civil aviation, said that the situation is worrying and that airlines’ inability to repatriate their revenues may cause companies in the sector to stop flying to Angola.

The president of IATA said that the issue of blocked resources was not only happening in Angola but in eight other African countries, arguing that although these countries are experiencing great economic problems the “solution is not to block resources.”

“As a result of this debt, which stood at US$540 million at the end of December, IATA has drawn up a 12-month plan that has already been submitted to the Angolan government with the aim of unblocking the situation,” he was quoted as saying by Portuguese news agency Lusa. (macauhub)