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Migrant Workers’ Remittances Surpass $2 Billion in the First Four Months of the Year

In the first four months of this year, migrant workers have collectively sent a staggering $2.079 billion through the banking system. April alone witnessed a remarkable remittance of $543.8 million.

Comparing this data with the corresponding period last year, there has been a notable 11.4% increase in foreign remittances during the same timeframe. Additionally, in April of this year, the country experienced a substantial 19.7% surge in foreign remittances compared to April last year.

Since assuming office as the Labour and Foreign Employment Minister, Manusha Nanayakkara has overseen the inflow of $10,807 million from foreign workers to the country. Notably, when Minister Nanayakkara took charge, the monthly foreign exchange influx had dwindled to a mere $200 million. This scarcity directly impacted the availability of essential commodities such as fuel and medicines, severely affecting the populace.

Responding to the crisis, the Minister initiated an appeal to establish a “shareholder of $500 million,” encouraging legal remittance through banking channels. This influx of funds was aimed at alleviating shortages of crucial goods, including fuel, gas, and medicines.

To further facilitate migrant workers’ contributions, several measures were implemented. These include the introduction of electric vehicle import licenses for those legally sending money, proposals for housing and multi-purpose loans, and the establishment of a dedicated portal called “Hope Gate” at airports to assist expatriate workers. These initiatives aim to streamline the remittance process and bolster the country’s economy while addressing pressing societal needs.

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