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Remittances to Sub-Saharan Africa declined by an estimated 12.5 per cent in 2020 to $42 billion, the World Bank has said. The decline was “almost entirely due to a 27.7 per cent decline in remittance flows to Nigeria, which alone accounted for over 40 per cent of remittance flows to the region”’, the Bretton Woods institution said. Excluding Nigeria, remittance flows to Sub-Saharan African increased by 2.3 per cent. Remittance growth was reported in Zambia (37 per cent), Mozambique (16 per cent), Kenya (9 per cent) and Ghana (5 per cent). In 2021, remittance flows to the regi...

Haiti and Jamaica account for 86.2% of CARICOM remittances Remittances flows to Latin America and the Caribbean grew an estimated 6.5% to $103 billion in 2020, supported by a recovering economy and moderately improving labour market in the USA. CARICOM Member States however only accounted for 6.8% with total remittances equalling $7.074 B. According to the Migration and Development Brief published by the World Bank, Haiti (US$3.1 B) and Jamaica (US$3.0B) accounted for 86.2% of remittances in CARICOM. Other CARICOM Member States received the following remittance flows: Guyana (US$361 M); Trini...

Remittance report May 17, 2021 The findings on foreign remittances to Pakistan from its workers employed overseas, published in the World Bank’s Migration and Development Brief, provides us with some excellent news. Instead of the decline in remittances widely projected in early 2020 because of apprehensions regarding the Covid-19 pandemic and the eviction of Pakistani workers from countries including several in the Middle East, remittance flow into the country increased by about 17 percent in 2020 with a current account surplus of $945 million recorded by the State Bank in the first thre...

LAHORE: Remittance flow into Pakistan increased by about 17 per cent in 2020, defying the gloomy projections and in spite of the global Covid-19 pandemic. The growth in the home remittances from Pakistanis working abroad last year was much faster than 5.2pc increase in flows to the South Asian countries, according to the latest Migration and Development Brief published by the World Bank. Previously, the bank had forecast significant decline in remittances to Pakistan and the rest of the countries in the region because of the coronavirus pandemic that forced nations across the world lock d...

Daily Times May 16, 2021 Despite Covid-19, remittance flows rose by about 5.2 percent to South Asia in 2020 to $147 billion, driven by surge in flows to Pakistan and Bangladesh. According to the latest Migration and Development Brief of the World Bank, remittances rose by about 17 percent in Pakistan, with the biggest growth coming from Saudi Arabia followed by the European Union countries and the United Arab Emirates. The officially recorded remittance flows to low- and middle-income countries reached $540 billion in 2020, just 1.6 percent below the 2019 total of $548 billion, said the brief...