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.