Zimbabwe owes airlines $196m in trapped funds

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Air-Zimbabwe

Zimbabwe owes airlines $196m in trapped funds.

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.

Aviation News