Wednesday, 25 March 2009
$32 billion less remittances for developing countries, but.....
Speaking at a conference on the impact of the global economic crisis on remittances (organized by COS Utrecht, AfroEuro Foundation, OxfamNovib and the ICMPD), Dr Manuel Orozco, of the Inter American Dialogue (Georgetown university) explained that annual remittances from the EU and the US to developing countries will decline by $32 billion. Participants at the 19 March conference heard that the crisis may reduce remittances. They also heard that it has made many re-examine how they can make more effective use of the money transferred. Ways to reduce transfer costs, ensure payments are sensibly used and raising financial literacy were all discussed.