- US-China progress sparks hope for COP29, says Azerbaijan
- Zelensky says Russia planning attacks on Ukraine nuclear plants
- Film legend Bardot, nearing 90, enjoys her 'silent solitude'
- Walking on the Moon in Cologne: Europe's lunar life simulator
- Google files EU complaint over Microsoft cloud services
- Finnish zoo to return pandas to China early
- At last! China's Zhang Shuai ends 24-match losing streak
- Global stocks trade mixed tracking China stimulus
- EU backs plan to downgrade wolf protection status
- Jacks says new-look England need time to master ODIs
- Madrid's Mbappe suffers thigh injury before Atletico derby
- Russian MPs back adoption ban on countries allowing gender reassignment
- France minister vows new immigration 'rules' after student murder
- EU states back plan to downgrade wolf protection status
- Unions vow 'bitter resistance' as Volkswagen talks begin
- Naomi Osaka wants 'no regrets' after hiring Serena's former coach
- Lady Gaga plants lipstick smile on 'Mona Lisa' in Louvre clip
- Man City confirm Rodri knee ligament injury
- Hezbollah's Fadi rockets: More power, little precision
- Naomi Osaka wants 'no regrets' after teaming up with Mouratoglou
- New Zealand flanker 'Braveheart' Sititi relishes his 'crazy' rise
- OECD calls for higher property taxes to fight debt
- Environmentalists smear Finland's parliament in red paint
- World Cup winner Varane retires
- Britain's Rightmove rejects higher £6.1-bn Murdoch bid
- Stocks rally stutters but Hong Kong, Shanghai up on new China move
- Cuts, cash, credit: China's latest bid to jumpstart flagging economy
- Hezbollah fires missile at Tel Aviv in Israel
- Zelensky to take UN stage in plea to sustain support
- Leftist Sri Lanka leader stuck with painful IMF deal: analysts
- Cryptocurrency platform boss urges tighter regulation
- 'Crazy' tree planter greening Sao Paulo concrete jungle
- French champagne makers bid to protect seasonal workers from abuse
- Atletico Madrid president splits time between football and film
- Japan ruling party to hold 'toss-up' vote for next PM
- Alcaraz says 'a lot of players' agree after schedule 'kill us' comments
- Outdated rules, limited metro collide for 'unbearable' Athens gridlock
- Ninth body recovered in flood-hit Japan region
- Sirens sound in Tel Aviv after fresh air strikes reported in Lebanon
- China launches intercontinental missile into Pacific in rare test
- The EU vs X: How big could the fines be for Musk?
- Hefty Australian penguin chick 'Pesto' becomes star
- Fashion's fun 'Frankenstein' flies after Olympic triumph
- Volkswagen crisis pits homegrown leaders against each other
- Princess Zelda takes the lead in 'Echoes of Wisdom'
- Astros clinch division title, Yankees kept waiting
- Asian markets boosted again after another Chinese rate cut
- The struggle to keep track of Gaza war deaths
- China cuts another key interest rate to boost economy
- Restarting nuclear power plants: the unprecedented gamble in the US
Remittances to Ukraine to jump over 20 percent: World Bank
Payments from workers living abroad to low- and middle-income countries are expected to rise 4.2 percent this year, with Ukraine as the main beneficiary of the increase, the World Bank said Wednesday.
In total, migrant workers are expected to send $630 billion back to their home countries, the bank said in a report.
Remittances to Ukraine, currently fighting off the Russian invasion, are expected to jump more than 20 percent in 2022, according to the report.
However, flows to many Central Asian countries, that rely primarily on funds from Russia, are likely to fall dramatically, the report said.
"The Ukraine crisis has shifted global policy attention away from other developing regions," Dilip Ratha, the lead economist for the report, said in a statement.
But he noted there was increased awareness of the need to support "destination communities that are experiencing a large influx of migrants."
He recommended creating a financial system to support such countries and regions.
Remittances are often the main resource for families in low-income countries. In some countries, payments from workers abroad amount to a quarter or even one-third of GDP.
The World Bank again highlighted the excessive costs of sending funds.
"Globally, the average cost of sending $200 was six percent in the fourth quarter of 2021," the report said, citing World Bank data.
The international development lender noted it is cheaper to send money to South Asia, while the highest costs were for transfers to sub-Saharan Africa.
Sending money to Ukraine cost 7.1 percent from the Czech Republic, 6.5 percent from Germany, 5.9 percent from Poland and 5.2 percent from the United States.
IMF chief Kristalina Georgieva on Tuesday called for the modernization of the cross-border payment system, particularly by using digital platforms and highlighted the high costs of remittances.
"The average cost of a transfer is 6.3 percent. Which means that some $45 billion per year are diverted into the hands of intermediaries" instead of going directly to the recipients, who include "millions of lower-income households," Georgieva said.
S.Keller--BTB