• Remittances from Europe Top 100 Billion Dollars

    Ramesh Tiwari
    June 18, 2015
    Remittances from Europe Top 100 Billion Dollars

    By Kitty Stapp —

    NEW YORK (IPS) – One in five migrant workers – about 50 million people – lives and works in Europe, making the region home to a quarter of global remittance flows, according to a new report by the International Fund for Agricultural Development (IFAD).

    Migrants living in Europe sent 109.4 billion dollars in remittances to lower-income European countries and to the developing world last year.

    And the actual figures for many countries could be substantially higher than official estimates due to the frequent use of informal channels to transfer money.

    “We need to make sure that this hard-earned money is sent home cheaply but more importantly that it helps families build a better future for themselves, particularly in the poorest rural communities where it counts the most,” said Kanayo F. Nwanze, president of IFAD, about the report’s findings.

    IFAD estimates that globally 80 billion dollars could be available for investment if migrant workers and receiving families in rural areas were given more options to use their funds.

    Of the total remittances sent by migrants living in Europe, about one-third (36.5 billion dollars) remained within 19 countries in Europe, while two-thirds (72.9 billion dollars) were received by poor families in over 50 developing countries outside Europe.

    The report comes at a time when Europe is taking heavy criticism over its policies towards migrants, especially with respect to the Syrian refugee crisis.

    In the last two decades, the Mediterranean – the most lethal of Europe’s barriers against irregular migration – has claimed nearly 20,000 migrant lives.

    Figures for 2014 and this year indicate that the phenomenon is on the rise, with more migrant deaths than ever before.

    However, people to continue to brave the perilous crossing, or over land borders, and an estimated 150 million people worldwide now benefit from remittances coming from Europe.

    The report says that most remittances are spent on staples like food, clothing, shelter, medicine and education. However, studies indicate that up to 20 per cent of remittances could be available for savings, investments or to repay loans for small businesses.

    With 40 per cent of remittances going to rural areas, the report also suggests that remittances play a critical role in the transformation of vulnerable communities. In fact, remittances are estimated to equal at least three times official development assistance to developing countries.

    “The immense potential of remittances for development is still largely underutilized but it is within our capacity to make every hard-earned euro, ruble, pound, krona, or Swiss franc sent home count even more,” said Nwanze.

    Western Europe and the Russian Federation (26 total sending countries) are the main sources of migrant remittances in Europe.

    The top six European sending countries account for 75 per cent of the flows: the Russian Federation (20.6 billion dollars), the United Kingdom (17.1 billion), Germany (14 billion), France (10.5 billion), Italy (10.4 billion) and Spain (9.6 billion).

    “Remittances offer a unique opportunity to bring millions into the formal financial sector,” said Pedro De Vasconcelos, co-author of the report and Coordinator of the Financing Facility for Remittances at IFAD.

    “Given the frequent interaction between remittance senders, receivers and the financial system, remittances could spark a long-term and life-changing relationship.”

    While significant progress has been made over the last few years to lower transfer costs, De Vasconcelos added that more could be done through increased competition. By reducing transfer costs to 5 per cent, as per the G20 objective set in 2009, an additional 2.5 billion dollars would be saved for migrant workers and their families back home.

    June 16, 2015

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      2017 in review -Top stories

      January 1 : New year nightclub attack leaves 39 dead in Istanbul
      January 20 : Republican billionaire Donald Trump sworn in as 45th US president
      January 23 : Syria peace talks begin in Kazakh capital Astana
      March 29 :United Kingdom officially launches the Brexit process
      April 4 :Syria launches chemical attack killing 90 people
      April 6 : US cruise missiles destroy Syrian air base
      April 9 : Bombings at two churches in Egypt kill dozens
      April 16 : Refugee death toll passes 1,000 in Mediterranean
      April 16 :Turkey says YES to presidential system
      May 6 :Emmanuel Macron elected French president defeating Marine Le Pen
      May 19 :Iran’s President Hassan Rouhani wins re-election
      May 22 : Terrorist attack kills 22 at Manchester concert
      June 5 : Gulf nations severe ties with Qatar
      June 7 :Suicide bombers attack Iranian parliament killing 13 people
      June 14 :London fire kills 71 in the 24-storey Grenfell Tower
      July 4 :North Korean leader Kim Jong-un’s missile ambitions
      July 28 : Pakistan’s top court disqualifies Prime Minister Nawaz Sharif from office
      August 5 :US withdraws from Paris climate change pact
      August 17 :Storms cause record damage in Caribbean and southern United States
      August 25 :Muslim Rohingya start fleeing Rakhine state in Myanmar
      September 15 : NASA’s 13-year Saturn mission ends
      September 20 : Earthquake kills more than 200 in Mexico
      September 24 : Germany’s Chancellor Angela Merkel wins fourth term
      September 26 : Saudi Arabia lifts ban on women driving
      October 1 : Gunman opens fire on Las Vegas music festival killing 59 people
      October 14 : Massive bombing in Somalia’s capital Modadishu kill more than 500 people
      October 24 : China confirms the elevation of President Xi Jinping to the same status as the nation’s founder, Mao Zedong, and Deng Xiaoping, by enshrining ‘Xi Jinping thought’ in the party’s constitution at the 19th National Congress of the Communist Party of China
      October 27 : Catalonia declares independence from Spain
      November 4 : S audi Arabia detains 11 princes, four ministers and ten former ministers in a corruption probe
      November 12 : Iran-Iraq magnitude 7.3 earthquake kills more than 500
      November 15 : Argentine navy submarine disappears with 44 crew on board
      November 21 : Robert Mugabe resigns as Zimbabwe’s president after 37 years in power. His former deputy Emmerson Mnangagwa will become president.
      November 22 : Bosnian Serb army commander Ratko Mladic convicted of genocide in Srebrenica during the 1990s Bosnian War
      November 24 : Gunmen kill hundreds at Sinai mosque in Egypt
      December 4 : Houthi militants assassinate Yemen’s former President Ali Abdullah Saleh
      December 5 : Russia banned from 2018 Winter Olympics for state-sponsored doping
      December 6 : US President Donald Trump recognises Jerusalem as the capital of Israel
      December 17 : Price of one bitcoin reaches a new high of $19,783.06 dollars
      December 21 : Yemen’s cholera outbreak
      December 22 : Syria peace talks in Astana (compiled)

      Top ten most visited cities

      Between January and August 2017, destinations worldwide welcomed 901 million international tourist arrivals (overnight visitors), 56 million more than in the same period of 2016 .The top ten most visited cities are:
      CityVisitors
      HONG KONG26.6 million
      BANGKOK 21.2 million
      LONDON19.2 million
      SINGAPORE16.6 million
      MACAU15.4 million
      DUBAI14.9 million
      PARIS14.4 million
      NEW YORK12.7 million
      SHENZHEN12.6 million
      KUALA LUMPUR12.3 million

      Source: Euromonitor International

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