How Much Are Remittances Thought To Have Decreased In Nepal As A Result Of The Coronavirus Outbreak?

Do you know how many Nepalese in the Uk send money to Nepal regularly? The Nepalese economy is one of the world’s most remittance-dependent economies. Remittances accounted for nearly 26% of the country’s GDP in 2019, totalling roughly USD 8.64 billion. According to the World Bank, remittances to Nepal are expected to drop by 14% this year, or around USD 1.2 billion.

There are no precise estimates of Nepalese migrant workers in the United Kingdom. Nepalese in the United Kingdom (also British Nepalese, Nepalese British, and British Nepali) are British citizens and permanent residents of the United Kingdom with ethnic ties to Nepal. According to the Office for National Statistics, there were 76,000 Nepalese-born people in the country in 2019. Most – not all Nepalese workers send money to Nepal online each month.

The majority of Nepalese migrant labourers, estimated to be over 3–4 million, are employed in India. Because of the freedom of movement between the countries, exact figures cannot be given. Recruitment of new workers abroad has been halted, for the time being, putting the employment contracts of many Nepalese migrant employees in jeopardy.

What Are The Steps So Far Government Has Taken To Help Expatriates Of Nepal?

Money transfers to Nepal by foreign workers of Nepal are significant for the country’s economy. But migrant labourers are particularly prone to COVID-19 due to the overcrowding in the labour camps where they are frequently stationed. In mid-May, Nepali Foreign Minister Pradeep Kumar Gyawali told a parliamentary committee that a whopping 211,000 Nepalis needed to be rescued and repatriated immediately. Many thousands more would need to be taken back to Nepal at the earliest possible chance.

Many Nepali migrant workers sold ancient homeland or borrowed money through informal networks prior to the crisis to cover the exorbitant costs charged by recruitment agencies for obtaining visas and job placements abroad. They will most likely need to take on further debt to cover the costs of their repatriation now that they are jobless and unable to repay their debts. For the families of repatriates, their online money transfers to Nepal from abroad are the only income source. This may lead to an increased poverty ratio in the country. Government should facilitate these repatriates and families to overcome their financial issues in the time of the pandemic.