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A blog about migration, remittances, and development

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This blog is hosted by Dilip Ratha, lead economist at the World Bank. Its goal is to leverage migration and remittances for development.  
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July 2009

More Videos: Diaspora and Development in Africa

Submitted by Dilip Ratha on Fri, 07/31/2009 - 11:02

On the sidelines of the Diaspora conference I asked some colleagues how the crisis was impacting Africa and other regions, and how the diaspora could be of help. Please check out what they said, on video.

Nepal announces a diaspora bond

Submitted by Dilip Ratha on Thu, 07/30/2009 - 17:33

Excerpt from the budget speech (July 13, 2009, para 139) by the Nepal finance minister for the new fiscal year beginning this month:

"An arrangement has been made to issue "Infrastructure Development Bond" of an amount of Rs. 7 billion by Nepal Rastra Bank fixing pegged exchange rates targeting the Nepalese working abroad through Nepalese Embassies in South Korea, Malaysia, United Arab Emirates, Saudi Arabia and Qatar, as a part of domestic borrowing for the coming fiscal year. Such Bonds can be purchased only from workers working abroad. From this arrangement, the remittance can be used for infrastructure development and the remittance itself remains free of additional charges while transmitting to Nepal. In addition to it, I am confident that such workers employed abroad will receive interest from the day of bond purchase and be benefitted."

Tendencias de las remesas en 2009

Submitted by Dilip Ratha on Wed, 07/29/2009 - 11:29

Como mencioné en mi anterior post, nuestra Nota Informativa No 10, la cual presenta una revisión de las perspectivas de las remesas, ha generado un gran interés en el mercado financiero, entre los analistas, investigadores, y en los medios de comunicación. El Financial Times escribió un editorial basado en nuestra nota. Aun una pequeña disminución del 7.3% en los flujos de remesas, según nuestras estimaciones, puede ocasionar un impacto a los países que enfrentan déficits de financiación externa. Ahora sabemos que la resistencia a la disminución de las remesas en el futuro fue un factor importante detrás del éxito del lanzamiento de los US $ 750 millones mega-bono de Filipinas.

El video adjunto es una versión muy corta de nuestras estimaciones sobre las tendencias de las remesas en el 2009.  

Dilip Ratha, economista principal y experto en remesas, Banco Mundial from World Bank on Vimeo.

Conferencia sobre la diáspora: ¡Fue un éxito!

Submitted by Sonia Plaza on Wed, 07/29/2009 - 10:10

A pesar que fue un poco de trabajo, valió la pena organizar la conferencia. Nuestro objetivo era ir más allá de discutir los temas sobre las remesas. Queríamos discutir iniciativas concretas para aprovechar los recursos de la diaspora sea en la forma de transferir recursos tangibles (contribución monetaria, inversiones, etc.) e intangibles (conocimiento, tecnología, contactos, etc.). Quisiéramos dar las gracias a todos los presentadores y a los participantes por contribuir al éxito de la conferencia. Recibimos cerca de 200 trabajos, de los que al final sólo 35 fueron seleccionados para ser presentados en las sesiones. El debate fue enriquecedor dado el intercambio de ideas. El programa y las presentaciones de la conferencia están están disponibles en inglés aquí.

Permítanme destacar brevemente en el video adjunto algunas de las ideas y los próximos pasos que han surgido como resultado del intercambio de ideas durante esta conferencia.

Sonia Plaza from World Bank on Vimeo.

India is the top recipient of remittances

Submitted by Dilip Ratha on Sat, 07/25/2009 - 22:32

With Sanket

Newly available data show that remittance flows to developing countries reached $328 billion in 2008. In India, flows were stronger than expected in 2008 reaching $52 billion, up 34% compared to a year ago, and higher than our earlier estimate of $45 billion. India retains its position as the top recipient of migrant remittances among developing countries, followed by China, Mexico and the Philippines (figure 1).

Figure 1. India was the top recipient of migrant remittances among developing countries in 2008
 

Diaspora Conference: What a successful event!

Submitted by Sonia Plaza on Wed, 07/22/2009 - 11:21

It was a bit of work, but felt like it was worth it. We wanted to go beyond remittances and discuss concrete initiatives to harness diaspora resources. Thanks to all the presenters and participants for making the conference a success. We had nearly 200 submissions, from which in the end only 35 presentations were selected. The discussion was rich. Take a look at the presentations here. 
 
Let me briefly highlight in the attached video some of the ideas and next steps coming from the exchanges during this conference.

Sonia Plaza on Diaspora from World Bank on Vimeo.

Video: Outlook for Remittances

Submitted by Dilip Ratha on Tue, 07/21/2009 - 15:15

As mentioned in my earlier post, our Brief outlining the revised outlook for remittances has drawn a lot of interest, from market players, analysts, policy wonks, and the media. The Financial Times wrote a great editorial on this matter. Even a small decline of 7.3% in remittance flows, as we predict, can make a great deal of difference to countries facing external financing gaps. Now we know that the resilience of remittances going forward was an important factor behind the successful launching of the $750 million mega-bond from the Philippines.
 
This week, I have decided to post a video highlighting some regional trends. Let's continue this discussion. Please send in your thoughts and comments.

Dilip Ratha from World Bank on Vimeo.

Outlook for Remittance Flows 2009-2011: Remittances expected to fall by 7-10 percent in 2009

Submitted by Dilip Ratha on Mon, 07/13/2009 - 10:04

 

We have just released Migration and Development Brief 10 reporting latest data on remittance flows. In line with a recent downward revision in the World Bank’s forecast of global economic growth, we have lowered our forecasts for remittance flows to developing countries to -7.3 percent in 2009 from the earlier forecast of -5 percent.

Event Announcement: New Global Forecast of Remittance Flows, July 13, 2009

Submitted by Sonia Plaza on Tue, 07/07/2009 - 09:18

 

The Migration and Remittances team of the Development Economics and Prospects Group (DECPG), World Bank will release new data on remittance flows on Monday, July 13, 2009 from 9:30 am-11:00 am, at the Preston Auditorium, World Bank Main Complex,1818 H Street NW, Washington DC. This session will be a part of the International Conference on Diaspora and Development. Dilip Ratha, Lead Economist (DECPG) will lead the presentation; Hans Timmer, Director (DECPG) will chair the session.
 
This event is open to the public. For more information including the agenda, venue, logistics, and contacts, please visit our conference website.
 

"Guest Worker" - an oxymoron?

Submitted by Dilip Ratha on Fri, 07/03/2009 - 20:00

In many cultures, the term "guest worker" would be an oxymoron. Yet policy makers in both receiving and sending countries seem to like guest worker programs. The hope is that guest workers will fill labor shortage in the receiving countries, and at the end of an employment contract go back home with money and some new skills. There is also a belief that temporary migrants will remit more of their savings back home than migrants who plan to stay on in the destination country (often called the "host country", another oxymoron?).