My Republica

Lorena Lando

The author is International Organization for Migration (IOM) Chief of Mission in Nepal

They can make a difference

Published On: June 16, 2020 08:00 AM NPT By: Lorena Lando

With the COVID-19 pandemic bringing to a halt economic and broader development activity around the world, the World Bank has projected that remittances to low-and middle-income countries (LMICs) will fall sharply in 2020—by about 20 percent. 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 past two months compared to the same period last year according to the Nepal Rashtra Bank, the country’s central bank’s report published in May 2020.