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Migrants' remittances help reduce poverty among the populati
18 September 2006 22:01
Tangier, Sep. 18 - Migrants remittances cover 23,7% of import expenses and help reduce poverty, according to experts meeting, here Sunday, to discuss "Migration and development."

"Money transfers, which constitute the prime source for hard currency, cover up to 23,7% of import expenses and represent 38% of fixed term and demand deposits in Moroccan Banks," they said, hailing the positive impact of remittances on national economy.

Last year, remittances stood at 8,9% of GDP and covered up to 22,5% of import expenses.

Concerning the social impact, remittances are security nets that help reduce, between 19 and 23%, poverty at least 1,2 million people, according to these experts.

Migrants Money transfers witnessed a tremendous development, reaching over USD 4,6Bn in 2005 compared to only 37Mn in 1990.
People should not be afraid of their governments, Governments should be afraid of their people
18 September 2006 22:10
hi there
thanks for these figures... i already knew that we contributed a lot to morocco's economy but never actually bothered to go look at the figures. i totally agree with the conclusion "people should not be afraid of their governements, but governments should be afraid of their people". i just hope that those in charge in morocco will understand this quickly and stop taking us and our money for granted. sick of being treated like a walking wallet!
18 September 2006 22:52
These remittances are indeed a great social cushion. Without them, I guarantee you things would be a lot diceyer for our governement. It helps the transition towards a more productive economy.
Just an example : there was a post a few months ago on this forum regarding retirees who were settling in Morocco, within the next 10 years with the most pessismistic calculations, they would bring into the economy around 25 billion euros, with is almost 6 times what MREs are pouring into the country now.
Morocco is said to become the european Florida in that regard.
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