ADB: Governments should prepare for disruptions in remittance flows

In case of prolonged disruptions in remittance flows, the Asian Development Bank warned governments should be prepared to further help returned migrants and households receiving remittances.

Some recipient households remain at risk of falling into poverty, necessitating sustained support especially for those who cannot easily find work such as the elderly, single parents and persons with disabilities.

Migrants who returned because of pre-termination or end of contract face difficulty securing new overseas contracts and may be assisted through job referrals, skills training and certification, and entrepreneurship training.

Rules and procedures for remittance transfer could also be simplified and made cheaper for low-risk accounts.

The ADB said, “Leading money transfer and fintech companies have reported tremendous growth in their digital businesses, squeezing four years of growth in only two months during the peak of the pandemic.”

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