With the increase in the corona virus pandemic the country is moving toward lockdown which is affecting many associations including the international air transport Association. It is estimated that the revenue of IATA will reduce by $252bn this year as compared to 2019.
IATA’s previous analysis of up to a $113 billion revenue loss was made on 5 March 2020, before the countries around the world introduced sweeping travel restrictions that largely eliminated the international air travel market.
Alexandre de Juniac who is known to be the director general and chief executive notify without any help of the government there would be no piloting sectors left standing.
“The airline industry is facing a long-faced crisis. He states that “within few weeks, previous crisis will be looking far better than our current positions.
“But without government relief measures”. There will be no industry that will stand along. Airline need up to $200 billions in liquidity to make it through many of the countries the government has already taken this step, but many other need to follow this.
Same here in Pakistan travel industry also need help from government of Pakistan.
Alexandre de Juniac (cont’d): If we don’t have a viable #aviation industry when we come out of this crisis, re-starting the global #economy will be severely constrained in almost all sectors. And everybody will suffer much longer than necessary. https://t.co/41uGPquoxp
— IATA (@IATA) March 24, 2020
The #airline industry needs IMMEDIATE gov’t relief to remain standing at the end of this pandemic.
— IATA (@IATA) March 24, 2020
By facilitating int’l #trade, #tourism & #investment flows, air transport will be CRUCIAL for the global economic recovery. pic.twitter.com/mJB57hzqLt
IATA Director General: There are several levers that only govts have the capacity to pull:
— IATA (@IATA) March 24, 2020
➡️ Direct financial support;
➡️ Loans, loan guarantees and support for the corporate bond market by the Government or Central Banks, and
➡️ Tax relief.
Speed is of the essence.
IATA said that travel demand will be less this year because of the global crisis and predicted that passengers demand would be down up to 38% as compared to 2019.
The capacity in domestic and international markets is also said to be down to 65% during the second quarter compared to the year ago.