World Bank in call to ease poverty
Rich and poor countries need to make it cheaper for immigrant workers to send money back to their families to “sharpen” the impact of remittances on poverty reduction, the World Bank said on Wednesday.
International remittance flows to developing countries are expected to rise to $167bn (�143bn, ￡97bn) this year, twice the amount of official aid paid by governments, the bank said in its Global Development Prospects report.
Unreported flows mean that remittances are probably 50 per cent greater than the recorded number, at a conservative guess, the bank said. Up to 45 per cent of total remittances are paid by migrant workers in other poor countries, it said.
“ With the number of migrants worldwide now reaching almost 200m, their productivity and earnings are a powerful force for poverty reduction,” said Fran?ois Bourguignon, the bank's chief economist.
As well as increased immigration and higher incomes, the rise in remittances reflected changes in the financial services industries that have made it easier to transfer money, and better measurement.
The countries receiving the greatest remittances are
