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World Bank: Remittances to poor countries will increase this year


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World Bank: Remittances to poor countries will increase this year

04-10-2017 11:10 AM
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WASHINGTON (Reuters) - 

Money transfers, a key source of income in several poor countries, are expected to grow again this year after a sharp decline in the past two years, the World Bank said in a report.


Financial transfers to low- and middle-income countries are on the rise, rising 4.8 percent in 2017 to $ 450 million, the report said.


Economic expansion in Russia, Europe and the United States will push migrants to send more money to countries in Africa, Europe, Central Asia, Latin America and the Caribbean, the World Bank report said.


But countries in East and South Asia will see a drop in remittances as the report concludes due to lower oil prices. Gulf countries, traditionally the source of remittances to these countries, have become less expensive and employ foreigners.


"Remittances are the lifeblood of developing countries," said economist Dilip Ratha, the lead author of the World Bank's Migration and Development report.


"This is particularly true after natural disasters such as the recent earthquake in Mexico and devastating storms in the Caribbean," he said.


According to the report, the high cost of transferring funds is $ 200 per country, an average of 7.2 per cent, according to the figures for the last third of this year, far more than the 3 per cent that the bank aspires to as one of the goals of sustainable development.


Ratha called on countries to reduce the costs associated with remittances, citing some obstacles, such as exclusive relations between postal services and money transfer companies, and strict anti-money laundering laws that force banks to close accounts.


India is the first recipient of the 2017 funds, with nearly $ 65 billion coming in, followed by China with $ 61 billion and the Philippines with $ 33 billion, while Mexico is on track to record a record $ 33 billion.


The World Bank expects remittances to countries with poor and medium economies to rise by 3.5 percent next year.

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