Remittance growth no reason to discontinue dev’t assistance
MANILA — OFFICIAL development assistance (ODA) and migrant workers’ remittances are not an either-or situation, delegates to a United Nations Development Programme workshop on managing ODA recently said.
According to a World Bank report, ODA worldwide has been overrun by the pace of remittances from overseas workers. The WB-Global Development Finance Report (WB-GDF), which was released April 6 and which can be downloaded from the bank’s website, estimated that remittances to developing countries from overseas resident and nonresident workers in 2004 were in the neighborhood of $126 billion. Since 2001, the report added, remittances to developing countries have increased by $41 billion, or almost 50 percent.