IFAD calls for governments to declare remittance 'an essential business'
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Dhaka, June 16 -- "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 on Monday.
Personal remittances account for a significant portion of the GDP in most south Asian countries. As a share of GDP, remittances range from between 2-3 percent (Bhutan and India) to nearly a third of GDP in Nepal (28.6 per cent), according to World Bank data.
In Nepal, IFAD works with local governments to provide pre-departure and support services to migrants through migration resource centre...
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