Growing remittances sent by migrants to origin countries pull millions out of poverty according to a new report
The International Fund for Agricultural Development (IFAD) has published a new report about migrants’ remittances to their origin countries. This document finds out that migrants send 51% more money to their families in their origin countries than a decade ago. These remittances pull millions of people out of poverty. This additional income accounts for 60% of family’s household income, according to a new report, which also finds out that 200 million migrants are supporting some 800 million family members. This positive effect is especially important in rural areas, where 40% of the remittances ($200 billion) are sent. This research also stresses that there are still major impediments that hinder further development of the poorest countries: transaction costs, for instance, are still expensive when the money is being sent to less developed countries and rural areas. The experts suggest that political actors should work with private companies to reduce transaction costs and allow migrants and their families to use the money more productively.
To read the full report, please click here.
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