Increase cost of remittances for Egyptians in Kuwait
Increase cost of remittances for Egyptians in Kuwait

Data issued by the World Bank showed a slight increase in the cost of Egyptian workers' remittances in Kuwait during the second quarter of this year, reaching about 3 percent, but they remained the least expensive in terms of remittances in the Middle East and North Africa region, while remittances from Jordan to Syria The highest cost is more than 20 percent. ...

 

According to a World Bank report, remittance flows to the Middle East and North Africa region are expected to decline by 8 percent during 2020, to reach $ 55 billion, due to the negative impact of the continued slowdown in global growth rates. Remittance flows to Egypt, the largest remittance recipient country in the region, have countered the cyclical fluctuations of this crisis so far, as Egyptian workers abroad send remittances in large sums at once to their families in Egypt.

Besides Egypt, which topped the list of the most remittance countries in the region with 24 billion dollars, Lebanon came second with 6.9 billion, and Morocco with 6.4 billion dollars. As for the percentage of these transfers from the GDP, remittances to Lebanon came first at 36.3%, followed by transfers to Yemen with 19.1%, and the West Bank and Gaza Strip with 15%.

The World Bank suggested that financial flows in the region would decrease due to low oil prices and slowing economic growth rates in the Gulf countries, and that the countries receiving remittances would record a decrease in remittances. In Egypt, they are likely to decline by 9 percent, 7 percent in Lebanon, and 12 percent. In Jordan, and 5% in Morocco, in addition to 15% in Tunisia.