Remittance Made Uneasy

_imnakoya — Fri, 20 Oct 2006 21:29:56 -0400

The CNN spin of remittance to nations that need it is myopic and mischievious in every sense that borders on immorality as idiocy.

I'm surprised the much dreaded word 'terrorism' didn't come up during the discussion (maybe it did, since I haven't read the transcript). Terrorism is the excuse given for clamping down on the Somali money remittance outlets in US particularly in Minnesota. Several banks in this region have pulled their supports by either jacking their fees or outrightly shutting their doors on these businesses. Grandiose Parlor www.grandioseparlor.com

Shame on CNN: Remittances Become Political

williamkramer — Fri, 20 Oct 2006 11:00:25 -0400

I attended the press conference Wednesday, at which the new findings on remittances. Interviews with 2500+ migrants in the US, the IADB (research by Bendixen & Associates) give us a statistically valid picture of the dimensions of US-LAC remittances, and the IADB concludes that the number is now around $45 billion dollars (up from the 2004 number, $30 billion), averaging $300 a month (up from the previously reported $200/month), and representing about 10% of the estimated $500 billion in income being earned by the 17.2 million adult LAC-region immigrants. That most of the senders and recipients are un-banked was described as an unrealized business opportunity, and as defining a policy agenda for the IADB.

What struck me in the IADB's press release was the emphasis on the economic benefits of the migrant workers to the US economy, the fact that 90% was staying in the US and being spent here, and the "values" in evidence by the migrants' "strong commitment to family and community," as IADB President Luis Alberto Moreno put it during the press conference. The reason for this interesting formulation was readily apparent when Don Terry, head of IADB's Multilateral Investment Fund (MIF), which has spearheaded the tracking of remittances since 2000, appeared later on the Lou Dobbs show on CNN. Here's the full transcript.

Their teaser framed the story:

NextBillion.net - Development Through Enterprise - Shame on CNN: Remittances Become Political - Comments

Remittance Made Uneasy

Shame on CNN: Remittances Become Political