Remittances Make the World Go Round

Thursday, May 19, 2005

Remittances to Africa and Asia have been identified as a key source of development funding, sometimes outpacing official development assistance, and a lifeline for millions of families in poor countries.
In its new report ’Global Development Finance 2005: Mobilising Finance and Managing Vulnerability’ the World Bank noted that “workers’ remittances provide valuable financial resources to developing countries, particularly the poorest”.
“Remittances to developing countries from overseas resident and non-resident workers are estimated to have increased by US $10 billion (8 percent) in 2004, reaching $126 billion,” noted the report.
That increase was on top of a $17 billion rise in 2003. “Much of the $10 billion increase in 2004 occurred in low-income countries, where remittances rose by $6.7 billion (18 percent). Since 2001, remittances to developing countries have increased by $41 billion (almost 50 percent),” the report said.
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Source: IRIN