Remittances from the Diaspora Position #12535

Remittances amounts to about $5 billion annually - representing over 25% of GDP in some countries and saving others from complete economic collapse.
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Map HomeAfrica: A Continent in Crisis?
IssueWhat are the Advancement Opportunities? (AFR)
ProtagonistAfrica's Population - Advantage of Disadvantaged? (AFR)
PositionRemittances from the Diaspora
Citations
ZIMBABWE: Remittances saved the country from collapse - The official sanctioning of foreign currency as legal tender in Zimbabwe to tackle hyperinflation is bringing into sharp relief how remittances have staved off the country's complete collapse in

Author: UN Office for the Coordination of Humanitarian Affairs
Publication date and info: February 20, 2009
Cited by: Earl Burrowes, Sr. 5:01 PM Friday 20 February 2009 GMT
URL: http://www.IRINnews.org/Report.aspx?ReportId=83053
Excerpt / Summary
Foreign currency remittances from Zimbabweans living outside of the country - excluding hand-to-hand transfers - were expected to double in 2009 from an estimated US$361 million in 2008, according to projections by the International Fund for Agricultural Development, a UN agency dedicated to eradicating rural poverty. Other estimates have put all remittances from expatriates in Britain to Zimbabwe at about US$1 billion annually. "If this is true, it puts a new dimension on this issue - it shows that the actual Zimbabwe-origin population in the UK is much bigger than estimated, and that they are sending much more money home than we ever imagined," Eddie Cross, a prominent member of the Movement for Democratic Change (MDC), told IRIN. "This would explain where all the foreign currency that keeps this country going, is coming from; it explains why many more people are not actually dying from the present crisis in terms of hunger, malnutrition and neglect."
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Entered by:- Earl Burrowes, Sr.
Entry date (GMT): 2/20/2009 4:57:00 PM
Last edit date (GMT): 10/2/2009 8:23:00 PM
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