Remittances in Crisis: How to Keep Them Flowing | June 16, 2020

LINK

The unprecedented disruption of remittance flows as a consequence of the current global crisis is severely affecting migrants, diaspora communities, and the families, communities and economies that rely on receiving remittances in low- and middle-income countries. It is projected that remittance flows to these countries will sharply decline by 20% – around US$110bn – in 2020. Remittances provide a vital lifeline for hundreds of millions of people round the world, and such a significant drop will inevitably impact on their ability to cover basic necessities, such as food, housing, healthcare and education. Ensuring that remittances can continue to be sent and received without obstacles will mitigate this impact, and will prevent millions of people from falling into poverty. Facilitating the continued flow of remittances is also vital for the resilience and recovery of local economies and communities in many low- and middle-income countries heavily affected by the health and economic crisis caused by the spread of COVID-19. 

The webinar, organized by Switzerland and the United Kingdom in partnership with World Bank/KNOMAD, UNCDF, IOM, UNDP, the International Association of Money Transfer Networks, and the International Chamber of Commerce, served as a platform to discuss how countries that have joined the Call to Action are affected by the disruption of remittances and how the implementation of the Call to Action’s recommendations can keep remittances flowing during the crisis and beyond. 

Subscribe to our newsletter

*The Migration and Remittances programme uses the information you provide solely in order to send occasional updates, announcements and invitations related to our work. We will not sell, rent or otherwise share the information you provide, and you can unsubscribe at any time.