Coronavirus, low oil prices to impact remittances from Gulf – ZAWYA

Coronavirus, low oil prices to impact remittances from Gulf – ZAWYA

World Bank projects 'sharpest decline' in global remittances. "Falling oil prices will affect remittance outflows from the GCC," the World Bank said in a report.. Sources told Zawya that many companies in the UAE, besides airlines, have imposed salary cuts of between 10 percent and 30 percent to stay afloat during the pandemic.. We are constantly monitoring the situation and will act " said one employer in the tourism industry.. Remittances to the Middle East and North Africa (Mena) region will also drop by 19.6 percent to $47 billion.. To mitigate the impact, the World Bank said "quick actions" should be undertaken to ensure remittance beneficiaries will have easy access to funds sent by migrants abroad..