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Country performs well in sending migrant workers, increase remittance inflow

Published : Saturday, 4 December, 2021 at 12:00 AM  Count : 551

According to the World Migration Report 2022 published last Sunday, Bangladesh now stands as the 6th largest migrant sending country and 8th largest remittance receiving country in the world. Despite worldwide severe economic downturn triggered by the Covid - 19 pandemic - the government was able to inject US$21.76 billion into the economy through remittance inflow - which accounts for over 6 per cent of GDP and also second largest source of foreign income.
The report also highlighted that in 2020, 7.40 million Bangladeshi migrants lived abroad. Despite living beyond the country's borders, Bangladesh's Diaspora scattered across the globe has continued to play a key role in the country's development.
Very much in tuned with the IOM (International Organisation for Migration) Director General Antonio Vitorino - we are witnessing a paradox not seen before in human history. While billions of people have been effectively grounded by Covid-19, tens of millions of displacement events have forced many others to leave their countries.
The point, however, efforts adopted by our policy makers to encourage and facilitate sending of remittances have hugely aided the remittance landscape in Bangladesh.
The country's central bank more than tripled the ceiling on its 2019 cash incentive scheme - whereby remittance beneficiaries receive a 2 per cent bonus on transfers made using formal systems up to $5,000. This is unquestionably an effective step to have given a boost to remittance inflow. In addition, some of our commercial banks are also providing an additional one per cent incentive to increase the appeal of sending remittances even more.
Therefore, the government surely deserves some credit but not without criticism, and especially when it comes to ensuring job security , human rights and well being of millions of our expat workers.
The latest report, also the 11th in IOM's World Migration Report series, draws upon the latest data from around the world to explain key migration trends as well as issues that are emerging on the migration policy horizon.
However, we consider this report as a value added special report to any other edition of the World Migration Report , since the 2022 edition now has a new and simple fact-checkers' toolkit to help bust prevailing myths on migration. In addition to data analysis, the report also covers specific topics for readers with in-depth content.
Undeniably, international migration has been a critical part of the development story of Bangladesh, with migrants moving to pursue social and economic opportunities, and then helping raise the living standards at home. That said - both migration of our citizens abroad in search of livelihood and remitting their hard-earned money back home are interlinked. It is high time for the government' authorities concerned to take stock on the facts and reality stated in the report.






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