June 17

Amid COVID Crisis, an Appeal to Facilitate Migrant Remittances

By AT editor

More than 200 million migrants across the globe send remittances to their home countries, many of them on the African continent, and that means some 800 million family members depend on them.

In low- and middle-income countries, that amounted to US$554 billion last year, more than either the world’s official total for development assistance or its level of foreign direct investment.

That’s expected to fall by about 20 percent this year, according to World Bank and the United Nations, and that in turn creates urgent concern over how to help keep remittances coming as developing economies cope with the coronavirus pandemic and its financial fallout.

Photo courtesy of Pexels.

Source: Africa Times (link opens in a new window)

Coronavirus, Finance