The International Fund for Agricultural Development (IFAD) says the COVID-19 pandemic is both a challenge and an opportunity to fix the remittances system in the Caribbean and other parts of the world.
IFAD President Gilbert F. Houngbo said, regardless of whether the recovery will be faster than expected, the global pandemic has exposed the vulnerabilities of the global remittances system.
The World Bank projects that cross-border remittances will fall by 20 per cent, or US$110 billion, to US$445 billion, potentially pulling tens of millions below the poverty line while undermining progress towards fulfilling the 2030 UN Agenda for Sustainable Development.