The two countries also urged greater access to digital remittance services. At the same time, they have appealed to declare remittances an essential financial service.
The countries are also encouraging remittance service providers to lower payments fees.
Remittances constitute over 5% of GDP for at least 60 developing countries. However, the pandemic is creating a hindrance to money transfers.
As per World Bank estimates, remittances to low and middle income countries are expected to slump by 20% in 2020, totalling USD 110 billion.
The call has been backed by the World Bank, the UN Capital Development Fund, UN Development Programme and the International Organisation for Migration.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now