The World Bank calls for the elimination of remittance fees to enhance financial support for Nepalese migrant workers and their families, aiming to foster economic development.
The World Bank has issued a recommendation to help Nepal by waiving remittance fees imposed on money transfers sent by Nepalese workers abroad to their home country. This move aims to reduce the financial burden endured by migrant workers and ensure that more funds reach their families in Nepal. The bank emphasizes that lowering or eliminating these fees could significantly boost Nepal’s economy, as remittances are a vital source of income for many households. Officially, the World Bank underscores the importance of facilitating easier and cost-effective financial flows to support sustainable development and poverty reduction. Reportedly, remittance fees constitute a substantial cost for Nepalese overseas workers, prompting appeals from various stakeholders to open wider financial doors and improve economic opportunities for these communities.
Sources referenced:
- https://news.google.com/rss/articles/CBMimgFBVV95cUxQaHk2Q2hac01OUS1ldmF4OUl1Uk9GNHBBa2Q2cE9YZm5PbHhERTBvYU9jdXdSY2lRWWZ4eUtRbm9hZERqcnhQNDJPVVljSmZaV1VVVy11SWpvb0hDQTh6SXZpdnF0VFpxdXd0NjRQODJLSjFuMVE1eWJBM2VwdmdaUm5CRTVmMWFQOEpmTU1fMk9xLThzLWJsd0Vn