A World Bank report revealed the volume of remittances of workers abroad, with a total amount of US$831 billion, and a growth of eight percent in low- and middle-income countries to $647 billion. The report indicated that remittances to Egypt, the largest recipient of remittances in the region, decreased by 10 percent during 2022, reaching $28.3 billion, compared to $31.5 billion in 2021, which was the highest level reached by remittances from Egyptians abroad. France (a high-income country) recorded remittances for workers abroad amounting to $30 billion, while Egypt came behind Pakistan with $28 billion. Egypt ranked first in Africa, followed by Nigeria with $20 billion, Morocco with $11 billion, Ghana with $4.6 billion, and Kenya with $4 billion in 2022. Although Egypt also came first in the Arab world, surpassing Morocco and Lebanon, the World Bank indicated that Lebanon is more affected by workers’ remittances, given that these remittances represent 36 percent of its gross domestic product, and that “highlights the importance of remittances to finance the current account deficit and the budget,” according to the World Bank.

Source: Egypt Independent June 17, 2023 20:01 UTC