March 25, 2023

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Immigrants will have transferred 57 577 billion to their families by 2021

The International Agricultural Development Fund (IFAD) on Thursday announced that migrants around the world will send more than 7 577 billion to their families in low- and middle-income countries by 2021.

The IFAD report estimates that this figure could reach around 5. 5.150 billion between 2022 and 2030, or more than double Africa’s gross domestic product (GDP) by 2021, according to the same source.

Despite forecasts that the Govt-19 epidemic will reduce remittances from immigrants to their families, the IFAD says it has recorded an 8.6% increase in 2021, thanks to a “48% increase in remittances via mobile phones”. A special UN mission in Rome.

“The digitalization of transactions, especially through mobile phones, represents a great opportunity to strengthen rural growth because half of this amount goes to the countryside,” commented IFAD President Gilbert Hungbo.

The remittances sent by the world’s 200 million migrant workers by 2022 should reach over 600 billion euros, which “provides a lifeline for the more than 800 million members of their families”.

“Remittances help lift people out of poverty, put food on the table, pay school bills, and offset health care costs,” Hungpo recalled.

However, the war in Ukraine could reduce the amount of total relocation, as “this leads to a sharp drop in relocations to countries bordering Russia, which account for 30% of GDP,” the IFAD underscores.

IFAD notes that Africa alone received $ 94 billion (approximately 90 billion euros) in 2021, coming from the world’s immigrants, but at the same time it has the most expensive money transfer market.

The global average of commissions used by money transfer companies is 6% of remittances worldwide, compared to 7.83% in Africa.

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If this rate reaches 3%, the UN Sustainable Development Goals (SDGs) forecast that this will result in an additional income of 4. 4.6 billion for the families of African migrants.