IATA Urges Venezuela To Release $3.7bn Ricket Funds

Tony Tyler, IATA’s CEO, has once again called on the Venezuelan government to resolve the long-standing dispute with foreign carriers which sees it withholding $3.7bn in funds generated from ticket sales.

Tony Tyler, IATA’s CEO, has once again called on the Venezuelan government to resolve the long-standing dispute with foreign carriers which sees it withholding $3.7bn in funds generated from ticket sales.

Tyler described the current situation as “untenable”.

“Air connectivity in Venezuela has suffered because of the lack of progress over the blocked funds issue and the deterioration in the operating environment. I urge the government to work with the airline industry to resolve the problem once and for all,” he said.

In a statement, IATA argued that the country’s poor economic situation was no excuse for not dealing with the situation and called on the Venezuelan authorities to agree a schedule of payments and a “single and fair” exchange rate for tickets sales and airport fees and charges.

Currently, tickets are sold at a set rate of 12 Bolivar (VEF) to the US dollar, while airport fees are charged at a variable rate that currently stands at 199 VEF per USD.

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