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Remittances to War-Hit Ukraine Seen Rising 20% to Record High

A woman walks through her damaged property in Sloboda-Kukharivska, Ukraine on May 10. 

A woman walks through her damaged property in Sloboda-Kukharivska, Ukraine on May 10. 

Photographer: Alexey Furman/Getty Images

Remittances to war-ravaged Ukraine are forecast to jump by over 20% this year to a record, even as those to fellow former Soviet republics in Central Asia will likely fall “dramatically” given Russia is their main source.

The decline in remittances to Central Asia, combined with rising food, fertilizer and oil prices, is likely to increase risks to food security and exacerbate poverty in many of those countries, according to a World Bank report released Wednesday.