Remittances to Africa Set to Drop by 5.4 % to $41 Billion — Covid-19 Pandemic...
According to findings from the Continental Migration Report 2021, remittances to African countries are projected to decrease from the $44 billion recorded in 2020 to $41 billion. The Covid Effect As expected, the Covid-19 pandemic is identified as one of the main causes of the decline. However, despite this projected 5.4 per cent drop, a report by Africa News explains that remittances are now showing “greater resilience and reliability as a source of capital in Africa than foreign direct investment flows.” Consequently, the Continental Migration Report 2021, which was....
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The International Monetary Fund (IMF) says its release of $16 billion towards sub-Sahara Africa will help to cover the needs of countries badly hit by the global pandemic, Covid-19. The financial institution says despite its swift action, the region still faces a financing gap of $290 billion between now and the year 2023. Sub-Sahara Africa’s Limited Fiscal Space According to the Fund, without significant additional financial assistance, many sub-Saharan African countries will struggle to simply maintain macroeconomic stability while meeting the basic needs of their populations.....
According to a new report, the depreciation of some currencies against the U.S. dollar is contributing to the declining international remittances. After touching an all-time high of $548 billion in 2019, the World Bank report now projects remittances to drop 7.2% in 2020 to $508 billion and a further decline of 7.5% to $470 billion in 2021. Volatile Currencies In its Migration and Development Brief 33, the World Bank details how the Covid-19 induced currency depreciation has affected the flow of global remittances. In the brief, the authors point to the exchange rate between the U.S.....
Nigeria is once again Sub Sahara Africa’s biggest recipient of remittances into the region where the money transfers went up by 6.2 percent to $45 billion, a new World Bank report has shown.
The Impact of Nigerian Policies on Remittances
According to the November 17, 2021 press release, this increase in the value of funds sent is in fact a rebound from the total remittances that were sent by Nigerians in the corresponding period last year. The statement partly attributes this increase to measures that were introduced by the country’s monetary authorities in the....
The coronavirus pandemic has painted a different picture of our world when it comes to international money transfers, especially the kinds that come from employed migrant workers. The World Bank reveals that global remittances have declined 20% over the year 2020, with a 19.7% drop in remittances to low and middle-income countries. Part of that […]
As the Facebook, Instagram, WhatsApp shutdown demonstrates, the COVID-19 pandemic may just roll into a cyber pandemic.