The World Bank forecasts global remittances expected to drop sharply by about 20 percent by 2020 due to the crisis caused by the spread of the Ivory Coast and the shutdown of economic activity. All parts.
According to a World Bank release obtained by the Ampil Information Center on April 23, 2020, "the reason for the steep decline in recent history is: Much of this is due to the decline in the wages and employment of migrant workers, who are more vulnerable to job losses and salaries. Nnual first in countries where they are working, when a crisis occurs.
The World Bank says the remittances to low and middle-income countries (LMICs) are projected to decline by about 19.7 percent to $ 445 billion, a loss of financial resources. An important livelihood item for vulnerable families. Studies have shown that remittances of migrant workers help alleviate poverty in low- and middle-income countries, improve nutrition, increase education spending, and reduce child labor in families. The plains.
The World Bank states that when remittances fall, it will negatively impact families' spending on these areas, as they need to redirect more financial resources to address food shortages and needs. Emergencies in life first.
"Remittances are an important source of income for developing countries," said World Bank President David Malap. The impending economic crisis caused by Ivory Coast 19 has seriously affected the ability of workers to send money home, so it is even more important that we seek to accelerate the growth of the advanced economies. "
Remittances help families to spend on food, health care and basic necessities, he said. As the World Bank Group takes quick and comprehensive measures to help disadvantaged countries, it is trying to keep the remittance network afloat and helping poor communities access the most needed services This is for everyday living.
In addition, the World Bank President said that the World Bank is assisting its member countries in tracking down the remittance of money through networks on the cost and convenience of remittance. Go to the district
And provisions for the protection of financial integrity that affect the flow of remittances.
By: Eng Boucheng