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Remittances beat global foreign aid
18 October 2007 23:59
Remittances Dwarf Foreign Aid From Rich Donors

A new study shows remittances from migrant workers to their home countries dwarfs the amount of international aid from the world’s richest nations. The UN International Fund for Agricultural Development and the Inter-American Development Bank say workers sent more than $300 billion to developing nations last year -- nearly three times foreign development aid from the world’s leading donors. IFAD President Lennart Bage said the numbers call for easing barriers to remittances.

Lennart Bage:
"It's hard-earned money by poor people in rich countries sending back to their families but it has a potential. So let's make it easy to transfer, let's make it cheap to transfer and let's build the financial system locally so that it can really come to use in the local communities where it's destined to go."
19 October 2007 00:58
Well not a surprising we say back home "maaka jildoka ghir dofroka" the only way we could get out of the rot is when we realise that no aids ,no help will do it all we & only us could make it happen ......
19 October 2007 17:12
Hi Atlasmagic,

I don't if that's what you meant but it seems to me that the current trend from Management* is to lessen the influence of the flow of money from MREs. They bring in each year an estimated 4 billions € and carry 10 % of the weight in national budgets by comparison.
The economical boost these past few years in offshoring, tourism, aeronautics construction will render the money from "Al Jaliya" less influent.
Right now, Morocco owes its diaspora a big thanks for aleviating social pressure that would otherwise hinder the current efforts if it blows up before we can reach a sufficient level of development.

*inside joke for those who've seen the excellent series "Carnivàle"Smiling Smiley
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