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COVID-19 to hit hard Pakistan’s remittance inflows says ADB

COVID-19 to Hit Hard Pakistan’s Remittance Inflows: ADB

ISLAMABAD – The current coronavirus pandemic would strongly affect Pakistan’s remittance inflows, the Asian Development Bank (ADB) said in its latest report on Monday.
“The COVID-19 pandemic is expected to affect remittances in Asia and the Pacific strongly. In 2019, 6 of the ten largest remittance recipients worldwide were from this region: India, the People’s Republic of China (PRC), the Philippines, Pakistan, Bangladesh and Vietnam,” ADB said in its report titled COVID-19 Impact on International Migration, remittances and recipient households in developing Asia.
Central Asian countries such as Georgia, the Kyrgyz Republic and Tajikistan, which send large numbers of seasonal and long-term migrants mainly to the Russian Federation and Europe, will also be greatly affected, along with some of the major countries of migrant origin, such as Nepal and the Philippines.
The ADB said that Pakistan could see a 26.8 percent decrease from benchmark remittances in 2018 in the worst case.
In July, Pakistan received record revenues of more than $23 billion in home remittances during the last fiscal year (FY20).
According to the State Bank of Pakistan (SBP), cumulatively, workers’ payments increased to a record high of $23.121 billion during fiscal year 20 compared to $21.739 billion during fiscal year 19, witnessing a growth of about 6.5 percent or $1.3 billion.
Similarly, workers’ remittances sent by Pakistanis abroad also registered a significant 51 percent increase during the last month (June 2020) of fiscal year 20.
Workers’ remittances reached a record level of $2,466,000 million in June 2020 compared to $1,636 billion in June 2019.
Globally, remittances could decrease by $108.6 billion this year as job losses increase and employers cut payrolls amid a COVID-19 pandemic that has devastated economies.
The countries that are likely to face more severe effects from the (pandemic-induced decline in remittance) inflows are those where the remittance quota to gross domestic product (GDP) and remittances per capita are high, that is, Tonga, Samoa and other Pacific countries, with payments to the size of their economies and populations is very high.
(Sahar News Monitoring Desk)

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