MIAMI -- Until a month ago, Diana Leticia Hernández sold face cream door to door in Miami. Her husband painted houses. The money fed their family and...
MIAMI -- Until a month ago, Diana Leticia Hernández sold face cream door to door in Miami. Her husband painted houses. The money fed their family and at least six relatives in Honduras.
The devastation wrought by COVID-19 across the developed world in cutting into the financial lifelines for people across Latin America, Africa and Asia. Across Africa, where remittances have grown to surpass foreign aid and direct foreign investment and some $82 billion flowed in during 2018 alone, untold millions of people are already feeling the pinch. One money-transfer company in Europe sending funds to Africa saw an 80 percent drop in volume in a single week, the Washington-based Center for Financial Inclusion said last month.
“This month we had a big problem,” his cousin, Ahmed, later explained by phone. He hoped to send the money the following week. Across all of Latin American and the Caribbean, remittances from the U.S. could drop between 7% and 18% this year, from last year’s $75 billion total, according to the Washington-based Inter-American Dialogue.
The money that came last week will allow López and seven other relatives to buy rice, beans and other basics, but they may have to stop paying the light and water bills, she said.
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