‘Declare remittance as an essential financial service’

The image shows the countries from which remittance flows to Bangladesh, a service that is severely affected by the coronavirus outbreak. By Star Online ReportMay 25 2020 (IPS-Partners) The UK and Switzerland are calling for greater global collaboration to ensure access to digital remittance services to support people during the coronavirus outbreak. Such remittance accounts for more than five percent of the GDP in at least sixty developing countries. The World Bank predicts remittances to low- and middle-income countries will fall by 20 percent or $110 billion in 2020. In a joint press statement, the two European countries said it is important to make sure diaspora communities around the world can continue to send financial support to their families. The call is important for Bangladesh. A country that heavily depends on migrant remittance, which was $18 billion last year and is likely to decline by 22 percent this year. Also, several lakh Bangladeshi migrants may return home after facing job losses, while those aspiring to find jobs abroad may also not see the dream come true any time soon. The joint statement issued on Friday highlighted the urgent need for people to be able to continue accessing money transfer services, and for governments to make sure those funds reach those relying on this support. Both UK and Switzerland are also urging countries to support greater access to digital remittance services and to declare remittances an essential financial service. They ar...
Source: IPS Inter Press Service - Health - Category: International Medicine & Public Health Authors: Tags: Economy & Trade Health Source Type: news