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Migrants Sent Home $300 Billion in 2006
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Oct 17, 2007 08:52pm |
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| Category | News |
| Media | Newspaper - Washington Post |
| News Date | Friday, October 19, 2007 02:00:00 AM UTC0:0 |
| Description | Study Says Money Sent to Families Has Potential to Aid Development in Poor Countries
By Karin Brulliard
Washington Post Staff Writer
Thursday, October 18, 2007; Page A20
Migrants around the globe sent more than $300 billion to their home countries last year, a "staggering" sum that surpassed foreign development aid and foreign direct investment and carries major development potential for poor nations if properly channeled, a report says.
In the first estimate of formal and informal money transfers worldwide, researchers found that 150 million migrants dispatching a few hundred dollars each sustained millions of families in 162 developing nations. But little of the bounty has fueled economic growth in those nations, because most of it is used for small-scale consumer purchases, says the report by the International Fund for Agricultural Development and the Inter-American Development Bank.
"The reason why we can't get leverage out of it is because it still is in the realm of cash-to-cash transactions," said Donald F. Terry, manager of the bank's Multilateral Investment Fund. "We've got to figure out how to move that into the financial system." |
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