Sunday 3rd of March 2024

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Foreign remittance has decreased by 2494 million


2022-03-08 7703

 

Foreign remittance has decreased by 2494 million

 

The cause is not the COVID-19 pandemic

 
(Sujith Mangala De Silva and Rumi Speelberg)
 

Leader of the Janatha Vimukthi Peramuna, Anura Kumara Dissanayake points out that the number of foreign remittances has decreased by 2494 million in eight months compared to the year 2020.

Leader of the JVP, Anura Kumara Dissanayake made this revelation at a press conference held at the party headquarters where he further expressed.

"Most of the dollars coming into our country as a single unit, are from migrant workers, and the income from migrant workers in the same system in countries like Bangladesh, India and Nepal had increased in 2021 compared to 2020.

However, that income in our country has decreased. This was not due to the Covid-19 pandemic. Compared to the five months of January, February, March, April and May of 2020, we received more foreign remittance in 2021.

581 million in January 2020. 675 million in January 2021. That is an increase of 94 million. 527 million in February 2020. 580 million in February 2021. The increase is 33 million. 492 million in March 2020. 612 million in March 2021. Increased by 120 million. 375 million in April 2020. 519 million in 2021. An increase of 144 million. 432 million in May 2020. 460 million in 2021. An increase of 28 million.

The Government says that the decline in migration for foreign employment is the main reason for the lack of remittance. The truth is not that situation. Compared to 2020, foreign remittance has increased by 439 million in the first five months.

But what has happened since June? The situation has been deteriorating since June. Only 573 million was received in June 2020. 478 million in June 2021. Foreign remittance has dropped by 95 million or 16%.

I also spoke about this situation in Parliament. I spoke about this situation in a press conference. We strongly stressed that this collapse could escalate further if immediate action is not taken. As said foreign remittance had dropped by 35%. It fell by 49% in September. It further dropped by 50% in October. By 60 % in December and by 62% last January.

When remittance increased by 439 million from January to May compared to 2020, from June to December it decreased by 2055 million dollars. Approximately $ 2 billion has been lost in seven months. Compared to 2020, foreign remittance has decreased significantly. But what should have happened was an increase of at least 500 million in 2021 compared to 2020 in the next seven months.

In January 2021 we received only 675 million. 259 million in January this year. That is a decrease of 482 million. That is 62%. Compared to 2020, in the eight months, foreign remittance has decreased by 2494 million, or 2.5 billion. 

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