- IGAD, UNCDF and Governors of Central Banks are working to reconcile remittance policies across member countries
- The partners have organized a two-day forum
- The forum seeks to explore the timelines and performance indicators through smooth inflows of remittances
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The Intergovernmental Authority on Development (IGAD) in partnership with the United Nations Capital Development Fund (UNCDF) and Governors of Central Banks from member states are seeking to harmonise remittance policies across member countries.
The partners have organized a two-day forum themed ‘Unlocking the potential of remittance for sustainable development’ whose aim is to discuss opportunities that promote remittance policies and regulations offering deeper financial markets, streamline supervision, implementation of cost and opening service access thus foster economic growth.
The forum being held in Nairobi also seeks to explore the timelines and performance indicators through smooth inflows of remittances within and to the region which will curate actions to reduce impacts of the challenges faced by aligning similar laws, regulations and standards.
Speaking on Monday during the forum, IGAD Chair Ambassador Rahma Salih said that the IGAD region is characterised by high mobility noting that an estimated over 9.5 million people which represents over 4 percent of the region’s population are always on transit.
Salih pointed out that migration and development are closely interlinked stating that migrant remittance is an integral factor which has immediate effect in the recipient countries particularly poverty reduction, raising living standards, establishing small businesses and providing additional employment.
She reiterated that in accordance with article seven of its establishing agreement IGAD undertook several initiatives to maximize the use of remittances in favor of economic integration and development.
“Global migrants’ remittance is estimated to be over $770 billion while in 2021 the IGAD region approximately had a remittance of $9 billion. In spite of this tremendous figure the remittances inflow is yet challenged by many factors such as natural disasters, economic slowdown, the Ukraine war, internal and cross border conflicts and Covid-19 pandemic,” anchored Salih.
The IGAD Boss reiterated that an enhanced effort is certainly needed to overcome these challenges as well as maximize the benefits of remittance in favor of social and economic development in the countries.
Salih added that IGAD’s road map seeks to support regional measures like establishing common policy standards, initiate regional vision, identify progress made and shortcomings in addition to guaranteeing appropriate and secure remittance inflows.
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