Zimbabwe owes airlines $196m in trapped funds, says authority

News24
10 Jul 2019, 23:44 GMT+10

Zimbabwe owes airlines about $196m that's stuck in the country due to a shortage of hard currency, according to the International Air Transport Association.

The last payment received by the industry body was in January, regional vice president for IATA in Africa, Muhammad Ali Albakri, said in an interview on Tuesday.

The group held a meeting with Zimbabwe President Emmerson Mnangagwa and will now finalise the payment plan, he added.

The country is struggling with shortages of foreign exchange including the US dollar, which is needed to transfer the proceeds of local ticket sales to airlines.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to International Travel News.

More Information

null in null

Business

Section

WK Kellogg sold to Ferrero as food giants chase shelf power

BATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...

Filmmaker joins biotech effort to bring back extinct giant bird

WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...

India seeks WTO nod for retaliatory tariffs on US

NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...

AI boom propels Nvidia to historic market cap milestone

SAN FRANCISCO, California: Nvidia, the Silicon Valley chipmaker at the heart of the artificial intelligence boom, this week briefly...

AI saves $500 million for Microsoft as layoffs reshape strategy

REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...

FTC’s rule to ease subscription cancellations struck down by court

WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...

Travel and Tourism

Section