Exploring ways to reduce the socio-economic consequences and preserve remittance lifeline

Can this unprecedented crisis push Nepal to reform and absorb its human capital?

Overseas remittances are expected to fall short of the target this year due to the economic crisis caused by the COVID-19 pandemic and shutdowns around the world.

The household survey will also capture remittance risks to the rural economy until the pandemic is contained.

In a rare instance of COVID-19 helping a country’ s economy, Pakistan saw a significant uptick in remittances from nationals working overseas in July.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances coursed through banks declined by 6.4 percent to $11.55 billion from January to May compared to $12.35 billion in the same period last year.

Asia Pacific, which accounts for a third of the global migrant workforce, is likely to face remittance losses of $31.4-54.3 billion due to the coronavirus pandemic, the Asian Development Bank (ADB) said in a report.

Urge for governments to propose policy measures reducing economic and social fallout caused the pandemic

Moody’s said the fall in remittances could further widen the current account deficit of the Philippines and other countries.

Many expats have been sending money as part of their preparation to return home due to joblessness abroad.