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Mr. Kangni R Kpodar, Mr. Montfort Mlachila, Mr. Saad N Quayyum, and Vigninou Gammadigbe

fiscal response cushions the economic impact of the pandemic. JEL Classification Numbers: F24, I10, O11 Keywords: Remittances, COVID-19, Shocks Authors’ E-Mail Addresses: kkpodar@imf.org ; mmlachila@imf.org ; squayyum@imf.org ; dodogamma@gmail.com Table of Contents Abstract I. Introduction II. Literature Review III. Data and Stylized Facts A. Data Definitions and Sources B. Stylized Facts IV. Empirical Strategy V. The Results A. The Response of Remittances to the COVID-19 Pandemic B. Testing for the Informal Channel