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Airlines do not have money: Faktaufon

 

May 22, 2022 03:28:50 PM

Airlines do not have money: Faktaufon Association of the South Pacific Airlines chief executive George Faktaufon says airline companies in the region including Fiji do not have any money

Faktaufon said airline companies did not earn income in the last two and half years as they were not operating and did not have any money.

In a panel discussion, he said that is why there is the need to go to Governments to either provide loans, grants or guarantee of loans.  

“As you know for the last two and half years, we have not been operating so obviously we’ve not been earning any income so we don't have any money,” he said.

“That is why there is the need to go to Governments to either provide loans or guarantee of loans. I will come back to that because I think that debt sustainability is very important.

“A study which was carried out by the International Monetary Fund showed that Kiribati had incurred the most loss. It was well below two percent of their gross domestic product.

“But the interesting ones to look at are Solomons, Vanuatu and Fiji, all these three Airlines made profit from 2016 to 2018.

“So they’re contributing positively and making profits so they are not a liability to governments. If you look at national airlines assets and liabilities, they are almost balanced.

“You can see up till the beginning or before coronavirus, the airlines are generally doing fairly well in comparison to the global airline profit and loss situation,” he said.

He said Governments also borrowed loans and grants to at least maintain their aeroplanes during the hibernation period.

By Nacanieli Tuilevuka

 

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