IATA tackles Venezuelan airline funds issue

The International Air Transport Association (IATA) has called on the Venezuelan government to address the problem of the $3.7 billion in airline funds the government is withholding from the airlines. The blocked money was generated from airline ticket sales in Venezuela and is being withheld in breach of international treaties. Venezuela has a complex system of currency controls in place by which the government dictates when and how much revenue airlines can repatriate from the country. Venezuela’s difficult economic situation is not an excuse to delay addressing the issue, which is unfair to airlines and inconvenient to passengers, who are