International airlines are unable to repatriate foreign currency earnings in nine African countries

Angola, Luanda, blocked funds, aviation, Africa, airlines

IATA has urged the Angolan authorities to prioritize the release of blocked funds so the country can realize the full economic and social benefits aviation provides.

Blocked funds and denied access to foreign exchange in Africa is an increasing problem.

Airlines need a stable policy environment so that they can be assured of the timely repatriation of funds

In nine African countries—including Angola—international carriers are unable to repatriate their foreign currency earnings, while locally-based airlines have difficulties making on-time foreign currency payments to suppliers and partners.

“Airlines need a stable policy environment so that they can be assured of the timely repatriation of funds going forward,” IATA’s Director General and CEO Alexandre de Juniac said at an Aviation Day in Luanda, Angola.

“Together with the industry, IATA will continue to work closely with Angolan authorities to seek possible measures to make the funds available.”

Meanwhile, de Juniac praised President João Gonçalves Lourenço for sanctioning the construction of a new international airport for Luanda, but urged the Angolan authorities to engage with airlines to ensure user needs are at the forefront of development plans.

Enhancing intra-Africa connectivity and adopting global safety practices were also highlighted as priorities for Angolan aviation.

 

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