Saturday, 15 August 2009

LATIN AMERICA: Region to lose millions in remittances

WASHINGTON, CMC - The Inter-American Development Bank (IDB) Wednesday said that Latin America and the Caribbean are expected to experience an 11 per cent decline in remittances this year.

According to the IDB’s Multilateral Investment Fund (MIF), the region is expected to receive about US$62 billion in remittances from its expatriates in 2009.

“The estimate reflects the impact of the global economic crisis on migrant workers from this region, most of whom are living in industrialised countries hit by recessions, such as the United States, Spain and Japan,” the MIF said.

IDB president Luis Alberto Moreno said the crisis is clearly limiting migrants’ capacity to send money home. Read more

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