COVID-19: Changing the Landscape for Migrants and Remittances
As the world suffers the economic repercussions of the COVID-19 pandemic, the flow of global remittances to low and middle-income countries (LMICs) is projected to decline sharply by about 20 percent in 2020 to $445 billion, representing a loss of a crucial financing lifeline for many vulnerable households. The rapidly intensifying economic effects of the crisis have a severe impact in migrants’ countries of origin and in the local economies of their host communities.
The United Nations Capital Development Fund (UNCDF) collaborated with the International Association of Money Transfer Network (IAMTN) to gather insights from remittance service providers on the impact of COVID-19 on migrants and remittances. These insights not only highlight the challenges faced by migrants and remittance service providers but also the initiatives undertaken by the providers to address the challenges. It also reflects on the measures that can be undertaken by the policymakers and regulators.