KATHMANDU: Governor of the Nepal Rastra Bank (NRB) Dr. Yuba Raj Khatiwada has said the government should play vital role in the proper utilization of the remittance for the economic development of the country.
He also called on the international community to create an enabling environment for overseas migrant workers of least developed countries (LDCs) to remit more money home so as to gradually reduce reliance on official development assistance (ODA).
“Remittance is more effective in lifting people out of poverty, and its impact on the economy and households is more tangible than ODA (grants and other assistances extended by donor countries and agencies),” the central bank governor said, referring to instances of how remittances received by Nepali households have allowed many to send children to better schools, spend more on nutritious food and improve living standards.
Nepal received remittances of Rs 359.55 billion from official channel in the last fiscal year, which is well over 20 percent of the country´s GDP. In the first eight months of the current fiscal year alone, Nepal received Rs 266.09 billion in remittance from Nepalis working abroad, while data show the share of remittance in household income hovering at 31 percent. Every year nearly 400 thousand Nepali youths have been deserting the country in search of employment opportunities. Of the total population, over 2 million populations have opted for overseas jobs across the globe, according to research
On the occasion, Gyan Chandra Acharya, UN Under Secretary General and High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States said that as the remittances have certain share in the national economy it should be utilised for economic development of the country.
According the survey, remittance has 23 percent contribution in the total gross domestic product. Nepal is also counted among top five countries to draw highest remittance in the world.
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