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Nepal ranks 4th in terms of remittance contribution to GDP

April 28, 2018

The Himalayan Times, 27 April 2018

Nepal received remittances worth Rs 699 billion in the Fiscal Year 2016/17 ranking fourth in the list of countries with large contribution of remittances to GDP, according to a report launched by Ministry of Labour, Employment and Social Security, with support from International Organisation for Migration, the UN Migration Agency, the International Labour Organization (ILO) and The Asia Foundation.

A report entitled “Labour Migration for Employment – A Status Report for Nepal: 2015/16 – 2016/17” also states that during past three years Nepali labour migrants have registered nearly 7,500 complaints, citing numerous instances of fraud and malpractice during their recruitment and employment abroad.

“Sound data and accurate analysis are essential to formulate evidence-based policies and implement them effectively in Nepal – a country where over half of all households have at least one family member currently living abroad or living at home as a returnee” said IOM Nepal Chief of Mission Paul Norton. “This report is an important step for the government agencies and other stakeholders to work towards effective regulatory mechanisms to protect and promote migrants’ rights and well-being,” he added.

The report highlights the lack of reliable data on labour migration to India – a major destination; limited coordination and collaboration between different government agencies addressing issues affecting migrant workers; centralized government and private recruitment agencies raising the cost of migration; a lack of skills recognition and skills matching mechanisms; and a lack of procedural guidelines on supporting the reintegration of returnees.

Speaking at the report launch event Minister for Labour, Employment and Social Security Gokarna Bista said “The Ministry will be working to make the foreign employment sector more transparent and result oriented so the migrant workers feel the positive change in the sector immediately.”

Source: https://thehimalayantimes.com/business/nepal-fourth-in-terms-of-remittance-contribution-to-gdp/