Home Business and Technology Government commits to clearing US$150 million IATA debt

Government commits to clearing US$150 million IATA debt

Treasury has reassured tourism industry officials and the board of airlines representatives, its commitment to clear the US$150 million International Air Transport Association (IATA) debt following discussions held in October this year.

A payment arrangement between the Ministry of Finance   and tourism industry officials in October this year culminated in an agreement by treasury to make monthly payments of US$4 million towards servicing debt.

While the first of this monthly commitment is yet to be disbursed, treasury boss Professor Mthuli Ncube says the IATA repatriation debt clearance is among the top to do list for his ministry’s focus under the current reform processes.

IATA Debt

Further delays in servicing this debt will blight operations for airlines and hence affect the performance of the country’s tourism sector.

The board of airlines representatives is hopeful that government will make good on its commitment which will assist to restore confidence in the market.

The IATA debt has put a strain on the operational systems of airlines routed into Zimbabwe pushing major airlines to suspend ticketing services from the country citing challenges in the repatriation of foreign currency.

Source – ZBC

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