IDB fund forecasts money transfers made by migrants will decrease in real terms
For the first time this decade, remittances to Latin America and the Caribbean are expected to decrease in value due to the combined effects of economic downturns in the United States and Spain, inflation and a weaker dollar.
According to an analysis of recent remittance data by the Inter-American Development Bank’s Multilateral Investment Fund (MIF), migrants from Latin America and the Caribbean will send some $67.5 billion to their homelands in 2008, against $66.5 billion in 2007.
However, adjusted for inflation, this year’s total will be worth 1.7% less than the total sent in 2007, marking the first decrease in the value of remittances to Latin America and the Caribbean since the MIF started tracking these flows in the year 2000. Until last year, remittances to the region had grown by double digits every year.
[Read more]
Showing posts with label IDB. Show all posts
Showing posts with label IDB. Show all posts
Sunday, 5 October 2008
Tuesday, 11 March 2008
Remittances to Latin America and the Caribbean slower, IDB fund says
Migrant workers sent some US$66.5 billion to the region in 2007, MIF estimates
Latin American and Caribbean migrants sent some US$66.5 billion back to their homelands in 2007, about 7 percent more than in the previous year, according to estimates presented today by the Inter-American Development Bank’s Multilateral Investment Fund (MIF).
“This is the first time since we started tracking remittances in the year 2000 that we haven’t seen a double-digit increase,” said MIF Manager Donald F. Terry. “This is mostly because the region’s two top recipients of workers remittances, Mexico and Brazil, departed significantly from past trends.”
Remittances to Mexico were virtually unchanged in 2007, rising barely 1 percent to US$24 billion. Money transfers to Brazil dropped 4 percent to about US$ 7.1 billion last year. [Read more]
Latin American and Caribbean migrants sent some US$66.5 billion back to their homelands in 2007, about 7 percent more than in the previous year, according to estimates presented today by the Inter-American Development Bank’s Multilateral Investment Fund (MIF).
“This is the first time since we started tracking remittances in the year 2000 that we haven’t seen a double-digit increase,” said MIF Manager Donald F. Terry. “This is mostly because the region’s two top recipients of workers remittances, Mexico and Brazil, departed significantly from past trends.”
Remittances to Mexico were virtually unchanged in 2007, rising barely 1 percent to US$24 billion. Money transfers to Brazil dropped 4 percent to about US$ 7.1 billion last year. [Read more]
Saturday, 13 October 2007
Event: First global map of remittances: how much money are migrants sending home
News conference on Oct. 17 to present data on money sent by migrant workers to developing countries
WHAT: News conference on global remittances flows
WHERE: National Press Club, Washington, DC
WHEN: Wednesday, October 17, 12:30 PM
WHO: Kevin Cleaver, IFAD, and Donald Terry, IDB
The International Fund for Agricultural Development (IFAD) and the Inter-American Development Bank (IDB) will hold a news conference on Wednesday, October 17 in Washington, DC to present the first-ever global map of migrant remittance flows.
The map is based on a new study, Sending Money Home: Worldwide Remittances to Developing Countries, conducted by the Rome-based IFAD and the Washington-based IDB. The study shows that the total amount of money sent by migrant workers in rich countries such as the United States to their homelands is much higher than previously estimated.
The news conference will be held at 12:30 PM at the National Press Club (529 14th Street, NW, 13th floor, Zenger Room). The map and the study will be presented by IFAD Assistant President Kevin Cleaver and Donald F. Terry, general manager of the IDB’s Multilateral Investment Fund.
IFAD, a specialized United Nations agency, is an international financial institution dedicated to eradicating poverty and hunger in rural areas of developing countries.
The IDB’s Multilateral Investment Fund, which promotes microfinance and small business development in Latin America and the Caribbean, has been studying remittance flows since 2000.
Source:
WHAT: News conference on global remittances flows
WHERE: National Press Club, Washington, DC
WHEN: Wednesday, October 17, 12:30 PM
WHO: Kevin Cleaver, IFAD, and Donald Terry, IDB
The International Fund for Agricultural Development (IFAD) and the Inter-American Development Bank (IDB) will hold a news conference on Wednesday, October 17 in Washington, DC to present the first-ever global map of migrant remittance flows.
The map is based on a new study, Sending Money Home: Worldwide Remittances to Developing Countries, conducted by the Rome-based IFAD and the Washington-based IDB. The study shows that the total amount of money sent by migrant workers in rich countries such as the United States to their homelands is much higher than previously estimated.
The news conference will be held at 12:30 PM at the National Press Club (529 14th Street, NW, 13th floor, Zenger Room). The map and the study will be presented by IFAD Assistant President Kevin Cleaver and Donald F. Terry, general manager of the IDB’s Multilateral Investment Fund.
IFAD, a specialized United Nations agency, is an international financial institution dedicated to eradicating poverty and hunger in rural areas of developing countries.
The IDB’s Multilateral Investment Fund, which promotes microfinance and small business development in Latin America and the Caribbean, has been studying remittance flows since 2000.
Source:
Subscribe to:
Comments (Atom)