March 17, 2020 / 12:52 PM / 12 days ago

Global airlines running out of cash, need govt support -IATA

LONDON, March 17 (Reuters) - Swift government action is needed to help global airlines that are in a desperate situation and running out of cash, the International Air Transport Association warned on a media call on Tuesday.

“If we want to maintain a strong airline sector able to cope with this difficult crisis and provide the resources to ensure the recovery will happen in due time (then) we need governments to act strongly and quickly,” IATA chief Alexandre de Juniac said.

IATA chief economist Brian Pearce added that cash was running out for many airlines and that 75% of them have less than 3 months of non-avoidable fixed costs. (Reporting by Laurence Frost; writing by Sarah Young; editing by Jason Neely)

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