Latin Americans Send US$ 72 Billion Back Home. Brazil’s Share: US$ 7.4 Billion

Brazilians emigrants to send US$ 7.4 billion back to Brazil In spite of United States efforts by 2010 remittances from migrants will reach US$ 100 billion annually, a significant increase from the US$ 62 billion of 2006 according to a report from the Interamerican Development Bank, IDB.

Dovelyn Agunias an analyst from the Migration Policy Institute, a Washington think-tank, points out that the increase could mean that more money is being sent by formal channels such as banks, or "migratory influxes keep growing."

Immigration has become a most controversial issue in the United States where an estimated 12 million illegal or undocumented immigrants live, mostly from Mexico.

A migration legislation reform to legalize undocumented aliens and the creation of a temporary work program to organize immigration failed to be approved by US Congress last year and was one of the most pressing demands President George Bush collected in his recent visit to several Latinamerican countries.

With Congress under Democrat control another attempt is expected this year although the early launching of presidential hopefuls campaigns for 2008, in both US parties, could end neutralizing the issue.

According to Donald F. Terry head of the IDB Multilateral Investments Fund, (Fomin) the increase in remittances should not be a motive of celebration but rather evidence of the lack of economic opportunities for millions of Latinamericans.

"The challenge for countries of the region and institutions such as the IDB and Fomin is to find ways to channel these funds so they can have the greatest impact on development", said Terry.

Remittances to Latinamerica far exceed both direct foreign investment in the region, as well as foreign aid and are a chance for millions of families to avoid poverty.

For IDB the challenge is to increase the impact of remittances by channeling them to the formal financial system, so that those sending money and those receiving can have financial and banking records.

This will enable them to have a better access to credit and such services as savings accounts, insurance, pensions and loans for housing or setting up a business, added Terry.

Last year remittances to Latinamerica reached 62.3 billion US dollars mainly from the US and a few countries from Europe and Asia, up 14% above 2005.

Mexico leads with US$ 23.3 billion, followed by Brazil, US$ 7.4 billion and Colombia, US$ 4.2 billion. Several other countries were in the range of US$ 3 billion US dollars in 2006, Guatemala, El Salvador, Dominican Republic, Ecuador and Peru, pointed out the IDB report.

In 2007 the remittances forecast is US$ 72 billion, said Perry.

Mercopress

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  • Show Comments (8)

  • bo

    [quote]written by GIOVANI, 2007-03-23 15:34:38

    WHAT ARE YOU TALKING ABOUT THATS HOW MUCH YOU KNOW OF WHAT IS GOING ON IN LATIN AMERICA BRAZIL DOES MAKE ITS OWN CARS BECUASE I HAVE BEEN TO THE PLANTS.[/quote]

    Giovani, grow a brain. Those plants you were at, were those brazilian companies?? Those Ford, Chevy, Peugeot plants, are those “brazilian” companies??

    Of course not, brazil doesn’t have a “brazilian” auto manufacturer. Those manufacturers are foreign car companies building their cars in brazil to sell to the brazilian market.

  • GIOVANI

    YOUR JUST STUBERN
    WHAT ARE YOU TALKING ABOUT THATS HOW MUCH YOU KNOW OF WHAT IS GOING ON IN LATIN AMERICA BRAZIL DOES MAKE ITS OWN CARS BECUASE I HAVE BEEN TO THE PLANTS. AND THAT IS WHY THE U.S.A WENT TO LATIN AMERICA TO EXPLOTE ARE INVENTION WITH A TARIFF ON THE EXPORT OF THE FUEL WITCH BRASIL WILL NOT LET THAT HAPPEN ALL LATIN AMERICA AS A HOLE IS SICK OF THE EXPLOITAION OF THE U.S.A AND ARE TURNING THERE BACKS ON US 1 BY 1

  • guest

    Don,t Bank on It….
    Illegal presence… illegal entry… illegal employment…illegal money transfer ( international)…U.S tax law violations…document fraud…etc, etc,… ALL BY PRODUCTS OF BEING A ILLEGAL ALIEN …And the future of illegal presence in the u.s.a.along with illegal employment and tax violations is not good… don,t bank on it…

  • ch.c.

    continued…….
    dont worry, you are not the only Brazilian who want to share the wealth and resources of the wealthiest, look at your politicians and your criminals and your robbers : they too take the money where it is because they are too stupid or too lazy to make money without arming anyone !!!!!!!

    Sooooo simple…why bother ! Right ?

  • ch.c.

    planet’s wealth and resources !!!!!
    Whoaaaaaaaa…..what an idiot !

    The natural resources are wherever they are due to mother nature….not due to humans people.
    And natural resources ALL over the world have been discovered by NON idiots people and with their brains and their money……NOT
    the Brazilians money or skills or knowledge !!!!

    And then the question was what to do with the resources. Here too it was not Brazilians or Africans who found we could build cars or tractors. Right ?

    And if it was not whites brains and their money, razilBrazil and Africa would still ALL live in HUTS, with no electricity etc etc etc.
    Meaning these resources would have NOOOOOOOOO VALUE !!!!!!!

    Conclusion : Brazilians and Africans should be glad that whites did EVERYTHING ! even today for your iron ore, you use foreign machinery to extract it, transport it with foreign locomotives or trucks. And the ore you dont export you transform it with foreign technology !!!!!

    And then people like Chavez say that whites profited of their natural resources, while the reality is that you BENEFITTED TOO…otherwise
    you could barely feed yourselves and nothing else.
    And what I say is so true is just look at Lula who is begging begging and begging to the USA, EU and Japan to buy your…. ethanol !!!!!!!
    Right ?
    Except that sugarcane is not even from Brazil origin, but imported by whites and t Brazil is in no way the inventor of ethanol.
    Better yet not even your flex fuels engines are Brazilians but a German discovery and worse yet NOT 1 single car is made with Brazilian technology….since you have NOOOOOO car manufacturer…all being foreigners !!!!!!

    LAUGH….LAUGH….LAUGH !!!!!

  • bienchido

    Grateful? I send $450 dollars a month to my family in Brazil and I see it as taking from the rich and giving to the poor. It’s not about gratitude, it’s about sharing the planet’s wealth and resources more equitably. And I’m not an immigrant, by the way, but an American citizen born and bred who was fortunate to find a wonderful family in Brazil.

  • ch.c.

    a chance for millions of families to avoid poverty.
    But……but….but….is it not Lula, the generous donator, with HIS Bolsa Familia program has put millions and millions of citizens out of poverty and who can now have 3 DECENT MEALS……PER DAY ?????

    Of course he said it many times and is proud of it !

    Yessssss…..8 billions Reais annually for 45 millions citizens equals to 0,50 Real…. FOR 3 “DECENT MEALS”…. PER DAY !!!!!

    OR LESS THAN NECESSARY EVEN IN BRAZIL TO BUY 1 PET FOOD RATION FOR A…….LITTLE CAT !!!!!

    IMPRESSIVE…ISNT IT ??????

  • JGZ

    OkÀ¢€¦. I hope all of you immigrants (illegal or not) from Latin America, including you Brazilians, are gratefulÀ¢€¦ and donÀ¢€™t bite the hand that is feeding youÀ¢€¦.

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