Egypt is the world’s fifth top country that receives remittances, totalling $28.9bn in 2018, according to the Migration and Remittances publication that was issued by the Global Knowledge Partnership on Migration and Development (KNOMAD) and the World Bank Group recently.
India came in the first place by $78.6bn, then China by $67.4bn, Mexico by $35.7bn, and Philippines in the fourth place by $33.8bn.
The money foreign workers send to their families in home countries has become a critical part of many economies around the world, mentioned the publication, noting that officially recorded remittances amounted to $529bn in 2018, and are on track to reach $550bn in 2019.
Remittances surpass 25% of GDP in five countries which are Tonga, Kyrgyz Republic, Tajikistan, Haiti, and Nepal.
Remittances of Egyptian expats are key source of the foreign currency. They increased by $426.1m in March to reach $2.3bn, said the Central Bank of Egypt (CBE) at the end of May 2019.
KNOMAD is a brain trust for the global migration community. It is an open, inclusive, multidisciplinary knowledge partnership that draws on experts to create and synthesise knowledge for use by policy makers in sending, receiving, and transit countries.
It aims to generate a menu of policy choices, based on analytical evidence, evaluation of policies, data collection, and quality control through peer-review. It provides technical assistance and undertakes pilot projects.