Migrants' billions put aid in the shade

From Aid | The Guardian Wed Jan 30 2013, 13:35:48

Money transfers from workers abroad to family back home have tripled in a decade and are three times larger than global aid budgets

For decades it was a largely unnoticed feature of the global economy, a blip of a statistic that hinted at the tendency of expatriates to send a little pocket money back to families in their home countries.

But now, the flow of migrant money around the world has shot up to record levels as more people than ever cross borders to live and work abroad. It's known as remittance money, and in 2012 it topped $530bn (£335bn), according to the latest World Bank figures.

The amount has tripled in a decade and is now more than three times larger than total global aid budgets, sparking serious debate as to whether migration and the money it generates is a realistic alternative to just doling out aid. If remittances at the level recorded by the World Bank were a single economy, it would be the 22nd largest in the world, bigger than Iran or Argentina.

[view whole blog post ]
 See More    |     Report Abuse


You might also be interested in the following news stories:

Egypt:   Cabinet Approves Amendments to Genital Cutting Law (news)
Aswat Masriya
28 August 2016

Egypt's cabinet approved a draft amendment to the law against Female Genital Mutilation (FGM), imposing harsher punishments on the practice and considering it a felony, the health minister said on ... [read more]

Egypt:   Public Funds Prosecution Investigates Charges Levelled Against Former Minister (news)
Aswat Masriya
28 August 2016

Egypt's public funds prosecution investigated on Sunday charges levelled against former minister of supply accusing him of corruption and involvement in fraudulent wheat case. Parliament member ... [read more]

Egypt:   House of Representatives Approves 13 Percent Vat Rate (news)
Aswat Masriya
28 August 2016

Egypt's House of Representatives approved on Sunday the rate of the Value-added tax (VAT) to be set at 13 per cent. The VAT rate raised controversy between the House members with a number of MPs ... [read more]



blogAfrica is allAfrica.com's platform to help you keep an ear on the African blogosphere. We draw diverse voices from around the world who post regularly and insightfully about African issues. Bloggers, submit your blog's rss-feed!