[Marxism] Migrants sent home over $300 Billion in 2006

Greg McDonald sabocat59 at mac.com
Fri Oct 19 02:34:58 MDT 2007


MIGRANTS SENT HOME OVER $300 BILLION IN 2006, FINDS UN STUDY ON  
REMITTANCES
UN News -- New York, Oct 18 2007  1:00PM
A new United Nations study reveals that migrants working in  
industrialized countries sent home more than $300 billion to their  
families in 2006 – surpassing the $104 billion provided by donor  
nations in foreign aid to developing countries.

“This figure, which is a conservative estimate, shows that the  
seemingly small sums sent home by migrant workers when added together  
dwarf official development assistance,” said Kevin Cleaver, Assistant  
President of the UN International Fund for Agricultural Development  
(<"http://www.ifad.org/events/remittances/maps/index.htm">IFAD),  
which co-authored the study with the Inter-American Development Bank  
(IDB).

According to <i>Sending money home: Worldwide remittances to  
developing countries</i>, Asia received the largest share of the  
remittances – more than $114 billion – followed by Latin America and  
the Caribbean with $68 billion, Eastern Europe with $51 billion,  
Africa with $39 billion and the Near East with $29 billion.

India received the most of any single nation with $24.5 billion,  
followed by Mexico ($24.2 billion), China ($21 billion), the  
Philippines ($14.6 billion) and Russia ($13.7 billion).

The study also found that the remittances sent home regularly by some  
150 million migrants exceeded foreign direct investment (FDI) in  
developing countries, which last year totalled around $167 billion.

IFAD underscored that more than one third of these remittances flow  
to families in rural areas, and is mostly used for basic necessities  
such as food, clothing and medicines.  While 10 to 20 per cent is  
saved, too often these savings are hidden in homes rather than put to  
work in financial institutions, constituting a “major missed  
opportunity for local development.”

The study based its figures are based on official data from  
governments, banks and money operators, as well as estimates of  
informal flows, such as money carried home.  It was released  
yesterday ahead of the International Forum on Remittances 2007, co- 
hosted by IFAD and IDB in Washington.

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1. Stop the Raids and Deportations, and
2. Demand that the U.S. sign the UN Convention on Migrant Workers Rights

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