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What public authorities, remittance service providers and civil society organizations have been doing to mitigate the impact of the current crisis on remittances and support remittance families build resilience.

Help us build our list of inspiring best practices.

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action at familyremittances@ifad.org

Remittances in times of crisis: facing the challenges of COVID-19

Remittance families are typically both resourceful and resilient in the face of difficult circumstances and changing conditions. But COVID-19 has changed the world. Millions of migrant workers are losing their jobs, and many remittance families are suddenly pushed below the poverty line, bringing to a halt efforts to reach their own individual Sustainable Development Goals (SDGs).

RCTF_logo_960x340

38 organisations, including international organizations, inter-governmental bodies, industry and private sector groups, networks of diaspora organizations and international experts on remittances, have come together to give voice to remittance families and support them build resilience in times of crisis.

 

Read “Remittances in crisis: response, resilience, recovery – Blueprint for Action” (PDF)  

Remittances in times of crisis: facing the challenges of COVID-19

Remittance families are typically both resourceful and resilient in the face of difficult circumstances and changing conditions. But COVID-19 has changed the world. Millions of migrant workers are losing their jobs, and many remittance families are suddenly pushed below the poverty line, bringing to a halt efforts to reach their own individual Sustainable Development Goals (SDGs).

RCTF_logo_960x340

38 organisations, including international organizations, inter-governmental bodies, industry and private sector groups, networks of diaspora organizations and international experts on remittances, have come together to give voice to remittance families and support them build resilience in times of crisis.

Read “Remittances in crisis: response, resilience, recovery – Blueprint for Action” (PDF)
1 %
1 billion of the
world population

200 million migrant workers
and 800 million
family members.

321
US$
billion

Estimated total amount 

of international remittances 

in 2019.

- 0 %
110 US$
billion

Estimated decline
in international remittances
because of the COVID-19 crisis.

18 %+


Estimated percentage
of international remittances
to rural areas.

8 +
countries

Number of countries in the world
which rely on remittances
for more than 3 per cent
of their GDP.

3 %


Estimated share of remittances
spent for immediate needs
by receiving families in 2019
expected to increase in 2020
due to the crisis
.

Remittances and the Sustainable Development Goals

At the household level: by recognizing the positive socioeconomic impact of remittances on families’ wellbeing (SDGs 1, 2, 3, 4 and 5).

At the community level: by supporting policies and specific actions to promote synergies between remittances and financial inclusion, encourage market competition and regulatory reforms, and mitigate any negative impact resulting from climate change (SDGs 6, 7, 8, 10, 12 and 13).

At the international level: by ensuring that the revitalized Global Partnership for Sustainable Development – as outlined in SDG 17 – and the GCM promote collaboration across all sectors involved in remittances.