The International Air Transport Association (IATA) has warned of the global air transport sector losing about $77 billion during the second half of this year, equivalent to $13 billion per month or $300,000 per minute despite the resumption of flights.
A report issued by IATA showed that the sector's liquidity will drain at an average rate of 5 to 6 billion dollars per month next year, despite the slow recovery in air transport. The International Federation called for supporting the sector during the coming winter season by launching additional financial relief measures, including financial aid that does not add more debt to the balance sheet of airlines that are already burdened.
Countries around the world have reached $160 billion in aid, including direct aid and wage subsidies, corporate tax breaks, and industry-specific tax breaks, including taxes on fuels.
In this context, the Director General and CEO of the International Air Transport Association (IATA), Alexandre de Juniac said that "the repercussions of the Coronavirus crisis are constantly increasing," stressing that "not replacing or extending support programs will have dire consequences for the faltering sector," praising the efforts made by countries to preserve the sector has worked and supported millions of jobs in the travel and tourism sectors.
Source (Ad-Dustour Newspaper-Jordan, Edited)
