The Impact of COVID-19 on International Remittances and Financial Inclusion

Global remittances are projected to decline sharply in 2020 due to the economic impact of the COVID-19 pandemic. Millions of migrants and their families have been affected by the pandemic, and a reduction in global remittances can have significant ripple effects across local economies and vulnerable communities, resulting in a decrease in productive investment, consumption spending, and access to education and health services.

As foreign direct investment is expected to drop by more than 35 percent in 2020, remittance flows are likely to become even more important as a source of external financing for developing countries (World Bank, 2020). The money sent home by migrant workers can be leveraged for global development and is crucial in supporting individual families.

To mark the International Day of Family Remittances, speakers discuss the impact of the decline in remittances on the most vulnerable groups in developing countries, and explore short-and long-term policy measures that can benefit migrant workers, their families, and communities.

Speakers

• Monique Nsanzabaganwa -Deputy Governor National Bank of Rwanda.
• Deepali Fernandes - Senior Migration and Economic Development Specialist, IOM.
• Devesh Kapur - Starr Foundation Professor of South Asian Studies and Director of Asia Programs, Johns Hopkins University.
• Dilip Ratha- Lead Economist, Migration, and Remittances and Head of KNOMAD, World Bank.
• Sandra Sequeira - Associate Professor of Development Economics, London School of Economics and Political Science.