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Remittances

Question for Foreign, Commonwealth and Development Office

UIN HL251, tabled on 17 May 2021

To ask Her Majesty's Government what steps they are taking to reduce remittance costs; whether they intend to raise the issue of remittance costs at the upcoming G7 Summit in June; and what plans they have to mark International Day of Family Remittances on 16 June.

Answered on

1 June 2021

The Call to Action has raised awareness of the potentially devastating impact of COVID-19 on remittances. Over 40 countries took actions to improve access to remittances and financial services. Some remittance companies waived their transfer fees and offered incentives to senders and receivers of remittances. Two Call to Action Partners (United Nations Capital Development Fund and World Bank) are writing a stocktake report that will analyse key factors and measures taken that have contributed to changes in remittances flows since the start of COVID-19. The report will be published and made public in June.

The UK and Swiss Governments will build on the Call to Action coalition, including creating a "Peer-to-Peer Learning platform". This will facilitate learning between remitting countries and key stakeholders.

The Call to Action monitors developments at national levels through the World Bank and updates a tracker on the Call to Action website: https://www.knomad.org/covid-19- remittances-call-to-action/#actions.