Remittances dry up as Covid-19 crisis ravages the worldWhen Fathy called his family back home in Egypt a week ago, they asked him to send money, as he had for the past year. Strict curfews, lockdowns and travel bans enforced around the world to slow the spread of the Covid-19 pandemic have decimated jobs and slashed remittances from migrants like Fathy, cutting off a lifeline for millions. “Remittances ... provide basic means of livelihood, buying food, shelter, housing, clothing, medicine, and healthcare, sending children to school,” he said. “It’s an emergency right now.” One in nine people globally – some 800 million – benefitted from international remittances in 2019, according to IFAD. In addition, a similar number of people send remittances within countries, said the World Bank’s Ratha.

Source: Standard Digital May 05, 2020 07:30 UTC