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Remittances are more than 20pc of Vanuatu's GDP, but fees to send money home from Australia are high
Stephen Howes spoke to ABC News about the high cost of remittances to Vanuata.
The World Bank estimates that 21% of Vanuatu’s GDP came from remittances in 2021, and they have been particularly important since the island was hit by twin cyclones two weeks ago.
However, as Stephen Howes explained, the average cost of sending remittances to Vanuatu is 11%, in comparison with Tonga and Samoa at just below 10%, Fiji – the cheapest in the Pacific – at 6.7%, and the worldwide average of around 6%.
17 March 2023
Updated: 31 March 2023/Responsible Officer: Devpolicy Admin/Page Contact: CAP Web Team