I am writing to you regarding a call to action ICC has joined to ensure remittances continue to flow, providing a lifeline for millions of migrant workers and their families.
The call to action, Remittances in Crisis – How to Keep Them Flowing, is led by the Governments of Switzerland and the United Kingdom and, along with ICC, is supported by United Nations agencies (UNDP, UNCDF and IOM), as well as the World Bank, the International Association of Money Transfer Networks (IAMTN) and the Global Knowledge Partnership on Migration and Development (KNOMAD).
COVID-19 has severely impacted the global economy. Some low- and middle-income countries may take an even greater hit due to the projected decline in remittances this year. Data from the World Bank show that remittance inflows are expected to undergo the sharpest decline in recent history, shrinking by about 20 percent, a fall of around US$110 billion.
Reduced remittances can have major ripple effects across economies as investment and consumption spending decrease. It can also slow down the progress countries have made in achieving the Sustainable Development Goals.
Our call to action aims to stem this worrying decline through policy, regulatory and service provision changes, ensuring that migrant workers and their families are not left behind in the current crisis. ICC’s webstory on the call to action can be found here.
I hope you and your families are keeping well.
John W.H. Denton AO
ICC Secretary General