Publisher: Microfinance Centre (MFC)
Publisher: Asian Development Bank (ADB)
Publisher: Center for Social Development, Washington University In St. Louis
The government’s decision to stop issuing permits to migrant workers will have significant consequences for the country, where economic activities are driven by remittances, experts say.
Nepal, where remittance contribution to GDP in 2019 was equivalent to 27.3 percent, according to the World Bank, has lost nearly 50 percent of remittances in the past two months compared to the same period last year.
Since the economic slowdown resulting from the COVID-19 pandemic, work for many of them has dried up. The UN is supporting efforts to manage the large-scale influx of returnee workers.
The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.