I thank you, Mr. Moderator.
At the outset, I would like to thank the Permanent Missions of Guatemala, the Philippines, Moldova and Madagascar for organizing this event to observe the International Family Remittances Day. In the backdrop of Covid-19 pandemic, there could not be a better time for this meeting. It provides an opportunity to show our collective will to address the issue of remittance flow. We add our voice of support to this initiative.
Remittances sent by the migrants have played an important role in accelerating socio-economic developments in sending countries. At the micro level also, remittance is critical for sustenance of communities and families of migrant workers. Remittance is a lifeline for Bangladesh as it is for many other countries. Remittances emerged as an effective tool in our efforts to eradicate poverty and as an important catalyst for our development endeavours. We have been providing all support to our migrant workers.
This year, in the context of Covid-19 pandemic, the Day of Family of Remittances has assumed special significance. This is a difficult moment for migrant workers as has been reiterated by the previous speakers. Joblessness is looming large. The World Bank has projected that the remittance may face a 20-22% fall in low and lower middle-income countries. This will severely affect our economies, particularly our poverty eradication strategies.
We now need to find out effective and sustainable solutions to mitigate the fall in remittance flow and alleviate its impact on countries, societies and households. Lowering the cost of remittance is crucial. Use of digital technologies could be an important enabler. We need to focus on utilizing the multilateral development framework such as SDGs (SDG 10), and implement GCM, GFMD as well as various regional processes. We need deeper engagement among the states and other stakeholders to address the existing challenges and gaps. We need to work towards providing a human and ethical face to labour migration management.
I thank you.