By Foster Obi
United Nations’ International Fund for Agricultural Development (IFAD) says with the significant decline in money sent home by migrants due to the impacts of the COVID-19 pandemic, it has become imperative for governments across the world to declare remittance service providers essential businesses in times of crisis.
“Remittances are a lifeline for poor families in low and middle income countries. Governments should take measures and do everything possible to facilitate the flow of funds during crises like the COVID-19 pandemic,” said Gilbert F. Houngbo, President of IFAD, on the occasion of the International Day of Family Remittances.
A statement by the agency said the economic sectors that employ migrant workers, such as tourism, hospitality and agribusiness, are being hit the hardest by the impacts of COVID-19 restrictions, resulting in many migrants becoming underemployed or unemployed, adding, “As a result, remittance flows are projected to make their sharpest decline in history, falling by 20 per cent in 2020.”
