[Marxism] Migrants sent home over $300 Billion in 2006
sabocat59 at mac.com
Fri Oct 19 02:34:58 MDT 2007
MIGRANTS SENT HOME OVER $300 BILLION IN 2006, FINDS UN STUDY ON
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
which co-authored the study with the Inter-American Development Bank
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.
Sign the on-line petitions to:
1. Stop the Raids and Deportations, and
2. Demand that the U.S. sign the UN Convention on Migrant Workers Rights
Please go to: http://www.bostonmayday.org
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