ADB to host meet on use of overseas workers' money to fight poverty =

ADB to host meet on use of overseas workers' money to fight poverty =

Deutsche Presse-Agentur
Manila

The Asian Development Bank (ADB) said on Monday it would host
a meeting next week on maximizing billions of dollars in
remittances sent by overseas workers in the fight against
poverty.

The conference, scheduled on Sept.12 to Sept.13 in Manila, is
also being sponsored by the Inter-American Bank/Multilateral
Investment Fund and the United Nations Development Program.

The Manila-based ADB said the conference would also enable key
stake holders to share best practices to help overseas workers
send funds home at lower costs and with greater reliability.

The ADB said an estimated 175 million people are living and
working outside their countries of birth and the number was
steadily rising.

"In 2004, formal remittance flows were estimated at US$127
billion with 42 percent or $53 billion coming to Asia," it said
in a statement.

"These flows have an impact not only on individual households
that receive money transfers, but also on entire national
economies and the international financial system," it added.

Robert Bestani, director general of the ADB's private sector
operations department, said among the top recipient countries of
foreign remittances are India, the Philippines, China and
Pakistan.

"Migrant remittances have been consistently fueling economic
growth in developing countries by providing foreign exchange
resources," he said.

"What we need to do now is to further capitalize on their
impact in alleviating poverty and facilitating development at the
household, community, national and international levels," he
added.

Bestani said governments and private sector need to work
together to develop sound regulatory and legislative environments
to utilize the overseas remittances to alleviate poverty.

The ADB said the remittance conference would bring together
more than 200 participants from international organizations,
central banks, the banking sector and money transfer companies.

Government financial institutions, credit firms, academic and
research institutions and non-government organizations were also
expected to send their representatives.

"More than 30 experts from the United States, Europe, Asia and
Latin America will share the latest remittance studies and
information, as well as best practices and innovations," the ADB
said.