Economy: Remittances Debate
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Baroness Sheehan
Main Page: Baroness Sheehan (Liberal Democrat - Life peer)Department Debates - View all Baroness Sheehan's debates with the Foreign, Commonwealth & Development Office
Economy: Remittances
Baroness Sheehan Excerpts(3 years, 9 months ago)
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Baroness Sheehan (LD) [V]
My Lords, the sustainable development goal target is to reduce the transaction costs of migrant remittances to less than 3%. However, the most recent data from Our World in Data tells us that countries in sub-Saharan Africa were, at 9%, paying the highest remittance costs of any region as a proportion of the amount remitted. This is morally repugnant. As well as raising the subject at the G7, will the Minister raise it with his colleagues at the Treasury?
Lord Ahmad of Wimbledon (Con)
My Lords, let me assure the noble Baroness that, in preparation for the G7, we are working across government to ensure that the targets, including the SDG target of 3%, can be met—and we will work to ensure that other countries also commit themselves to that.