Remittances sent by migrants to their families represent a vitally important source of income for households to survive in countries of origin. Due to the economic crisis provoked by the Covid-19 pandemic, strongly effecting millions of migrants who lost their jobs, global remittances may decline by about 20 percent in 2020. This decrease will affect the lives of the poorest populations in the developing world, therefore, the Chair of the Sub-Committee on Diasporas and Integration of the PACE, Killion Munyama, in his statement on 3 April 2020 urged governments to make it easier for diasporas to send money home during the crisis. He also called on the members of diasporas and working migrants to show their solidarity with their countries of origin, despite the hard times they may be experiencing, knowing how vital it will be for their families, both while the virus remains devastating and also in anticipation of the likely worldwide recession to come.
It is very important that governments facilitate formal remittances by diasporas to their countries of origin during the crisis by lowering transfer fees and ensuring the security of operations, and collecting all such funds in the local currency for onward transfer, thus ensuring safer and better-controlled transfers.
This webinar will bring together international experts dealing with remittances, members of parliaments and members of the Parliamentary Network on Diaspora Policies to discuss how to increase the attractiveness of formal remittances, which significantly contribute to the GDP (Gross Domestic Product) of some countries and help reduce government borrowing costs on international debt.