Pakistan struggles to pay International Airlines due to financial crisis: report
In the midst of the ongoing economic turbulence, the reports said that the International Air Transport Association (IATA) has warned that an aviation catastrophe might strike Pakistan, as airlines struggle to collect $290 million due to a severe financial crisis.
According to the Financial Times, the International Air Transport Association (IATA) stated that it has become “extremely difficult” for airlines to serve Pakistan due to their inability to repatriate funds owed to them. The IATA claimed that $290 million was stranded in the country as of January, an increase of about a third from December.
The Asia-Pacific president of IATA, Philip Goh, stated that airlines were encountering lengthy delays in repatriating their funds, with some carriers still waiting for money from sales in 2022.
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