The remittances of migrants are decisive, public aid no. If the level of official Development assistance (ODA) is now stationary for several years, help is more significant to the economies of the poor Countries comes from immigrants living in the nations where they have landed, through the channel of remittances. Today, they are one of the incomes, the most important of these contexts,overcoming significantly the flows of ODA and foreign direct investment. The money sent to their countries of origin contributes to the improvement of the living conditions in the receiving countries, and the ability to provide a basic income or an extra income to the beneficiary families.
The efforts to enhance the resources sent. To ensure that remittances could have an impact on the transformation of communities in developing Countries and become a tool of the processes of economic autonomy and cultural and social growth from the bottom, you will need to - you can still read on Info-Cooperation - to overcome some of the barriers which currently restrict the potential. From most parts, in fact, are emerging in recent years, proposals and initiatives for enhancing the impact of remittances in the Countries of origin of migrants, either directly or by institutional actors, public and private, national and international.
in order To understand better the potential.
Here is the list of some of the data that give elements of understanding of this phenomenon:
- In 2018, more than 200 million migrant workers around the world have sent 689 billion dollars at home, of these 529 billion were sent to developing countries. The figure is over three times the amount of official development assistance (ODA) at the international level.
- From Italy, the remittances of workers of foreign origin to the countries of origin more than 5 billion euros, while the Italian ODA does not reach 3 billion.
- one billion people (one in seven in the world) are involved in remittances, sending sites or receiving them. One person out of nine in the world – about 800 million – benefits from these flows of money.
- Between 2015 and 2030 (the period of validity of the Objectives of Sustainable Development), the migrants send to their communities of origin in developing countries for an amount estimated at $ 8.5 trillion. Of this amount, more than $ 2 billion will be saved or invested.
- The migrant workers send home an average of 15% of what you earn. The rest remains in the host countries. What they send can constitute up to 60% of the total income of their family in the country of origin and represents a lifeline for millions of families.
- About 75% of remittances is used for putting food on the table and cover medical expenses, school fees or accommodation costs. In times of crisis, migrant workers can send more money home to cover the loss of crops or family emergencies. The rest, about 25% of remittances is saved or invested in the construction of income-generating activities, jobs and transform the economies, particularly in rural areas. Remittances can therefore be an engine of development.
- remittances matters greatly in rural areas. About half of the remittances global are in the rural areas where they live 75% of the poor, and where there are more insecurities in food.
- remittances can be expensive to send. Conversions and fees cost, on average, overall, seven percent of the amount sent. The goal of sustainable development 10.c aims bbring the transaction costs to less than three percent by 2030. The technical innovations, in particular mobile technologies, digitisation and the blockchain can in this way transform the markets, together with a regulatory environment more favourable.
- in Italy, starting from 2019, is one of the very few in the world to tax remittances to foreign immigrants, residents with a tax of 1.5% be applied to the money transfers of more than 10 euro and directed towards non-european Countries.
- migrants make an important contribution to the Objectives of Sustainable Development, through remittances and investments. In particular, contribute to put an end to poverty (SDG 1), the zero hunger (SDG 2), good health (SDG3), quality education (SDG 4), clean water and sanitation (SDG 6), decent work and economic growth (SDG 8) and inequalities reduced (SDG 10).
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