London-Sana
The World Bank today expected a decrease in the value of remittances sent by expatriate workers to their countries by 14 percent this year compared to their levels last year before the Coronavirus pandemic.
Reuters quoted the bank as saying in a report that remittance flows from expatriates to low- and middle-income countries will decline by about 7 percent to $ 508 billion in 2020 and will record a 7.5 percent decline to $ 470 billion in 2021.
For his part, Vice President of the World Bank for Human Development, Mamta Murthy, said, "The impact of / Covid 19 / is evident when you look at it from the perspective of immigration because it affects migrants and their families who depend on remittances."
And remittance flows are a vital source of external financing for low- and middle-income countries, which hit a record high of $ 548 billion last year.
