Sunday, 6 December 2009

Dubai crisis not to largely impact UAE remittance outflow: IMF

WASHINGTON/NEW DELHI: The International Monetary Fund has said the Dubai debt crisis will not have a large impact on the flow of remittance out
of the United Arab Emirates.

The UAE accounts for nearly 13 per cent of the total remittance flow into India, with as many as 42 per cent of the 1.5 million population of Dubai being Indians.

Noting that remittance worth USD 10 billion go out of the UAE, a top IMF official has said the Dubai crisis might have some effect on those outflows.

"... I think it's important to recognise that while there may be a slowing down in Dubai, Abu Dhabi continues to grow rapidly, as do other countries in the Gulf Cooperation Council (GCC). So the net effect in terms of remittances out of the region may not be as large," Masood Ahmed, Director of IMF's Middle East and Central Asia Department said on Wednesday. Read more


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  2. nice post. thanks.