MaximsNewsNetwork: WORLD BANK: REMITTANCES HELP DEVELOPING COUNTRIES DURING FINANCIAL CRISIS

MaximsNewsNetwork: 08 November 2010 -- WORLD BANK: Washington, D.C. -- According to a new study by the World Bank more than 215 million people live outside their countries of birth and the billions of dollars they send home each year are triple the volume of official aid flows, and a lifeline to many poor countries; the top developing country recipients in 2010 are India, China, Mexico and the Philippines and the top remittance sending countries in 2009 were the United States, Saudi Arabia, Switzerland, Russia, and Germany.

According to the World Bank study, remittances were a vital and steady source of income to developing nations during the recent global economic crisis.

The study estimates that - after recovery from the crisis by the end of the year-recorded remittances to developing countries will further rise, possibly exceeding 370 billion dollars in two years time.

The new study also highlights risks to the steady flow of remittances. These include uncertain currency movements, regulatory changes in the global remittance market, and the tightening of immigration quotas in migrant-receiving countries due to high unemployment there.

SOUNDBITE (ENGLISH) Hans Timmer, Director of Development Prospects, World Bank:
"Very important advantage of remittances is that it goes directly to households and often households that needed it most, and that means that suddenly families have surplus moneys that they can use for education of their kids, they have surplus money that they can invest in small business, they can also open banking accounts now because they have foreign money."

"Remittances are very important because of their size; remittances are at the moment some 325 billion dollars to developing countries that is 3 times as large as official development aid. It is almost as large as all the foreign investment together."

...... ( THE WORLD BANK ) ............................................

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