WB Projects Increase in Pakistan Remittances

The World Bank (WB) has projected a 9% growth in remittances for Pakistan totaling about $24 billion in 2020.

The World Bank in its latest report, “Migration and Development Brief 33, Phase II Covid-19 Crisis through a Migration Lens”, stated that in both Pakistan and Bangladesh, the negative impact of the Covid-19–induced global economic slowdown has been somewhat countered by the diversion of remittances from informal to formal channels due the difficulty of carrying money by hand under travel restrictions as well as the incentives to transfer remittances.