Remittances from the Diaspora Position1 #12535Remittances amounts to about $5 billion annually - representing over 25% of GDP in some countries and saving others from complete economic collapse. |
|
+Citations (1)
- CitationsAdd new citationList by: CiterankMapLink[1] 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 info: February 20, 2009 Cited by: Earl Burrowes, Sr. 5:01 PM 20 February 2009 GMT URL: |
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." |