BIGGEST ANTI-POVERTY PROGRAM IN THE WORLD: SENDING MONEY BACK HOME

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IFAD - 150 million migrants worldwide sent more than US$300 billion to
their families in developing countries during 2006 Remittances, the
portion of migrant workers' earnings sent back home to their families,
have been a critical means of financial support for generations. But,
for the most part, these flows have historically been "hidden in plain
view", often uncounted and even ignored. All that is now changing - as
the scale of migration increases, the corresponding growth in
remittances is gaining widespread attention.

Today, the impact of remittances is recognized in all developing regions
of the world, constituting an important flow of foreign currency to most
countries and directly reaching millions of households, totaling
approximately 10 per cent of the world's population. The importance of
remittances to poverty alleviation is obvious, but the potential
multiplier effect on economic growth and investment is also significant.

The driving force behind this phenomenon is an estimated 150 million
migrants worldwide who sent more than US$300 billion to their families
in developing countries during 2006, typically US$100, US$200 or US$300
at a time, through more than 1.5 billion separate financial
transactions. These funds are used primarily to meet immediate family
needs (consumption) but a significant portion is also available for
savings, credit mobilization and other forms of investment. In other
words, the world's largest poverty alleviation program could also become
an effective grass roots economic development program, particularly in
the rural areas that present some of the greatest challenges to
financial inclusion.

http://www.ifad.org/events/remittances/maps/index.htm

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