remittance - Haiti Observer Blog

remittance, Haiti Observer Blog. Read the following articles about remittance


Diaspora Remittances Doubled Over Last Decade

Haiti's Diaspora is an important contributor to its economy. With 70% of Haitians living below the poverty line, and other sources of government income not dependable, the government of Haiti (GOH) looks to the Diaspora to keep a steady stream of remittances arriving to supply basic needs of poor Haitians in rural areas of the island.

The Inter-American Development Bank (IADB) commissioned a study on the Diaspora's remittance patterns in the Caribbean. IADB's foreign investment group, the Multilateral Investment Fund (MIF), conducted research and compiled statistics. What MIF discovered--when they analyzed the data--are remittances coming from the U.S., Europe, and Canada have doubled within the last decade. Two significant growth increases occurred, from 2005 to 2006, a 6.5% increase in remittances, and from 2009 to 2010, 8.3%.

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Haitian Diaspora doubled remittances less than 10 years - Transfe Lajan Double

In a report recently released that monitors the amount of Remittances received by the countries in Latin America and the Caribbean, the report noticed that an important source of income for these countries came from their Diaspora sending money transfers to millions of families and friends to cover basic needs like food, education, health and housing.

Nan yon rapò ki fèk lage monitè kantite lajan Ayiti. Rapò a remake ke yon sous enpòtan nan revni pou peyi sa yo te soti nan Dyaspora yo ki voye transfere lajan.

According to the Multilateral Investment Fund (MIF), remittances represent more than 10% of the gross domestic product in countries such as Haiti, Guyana, Honduras, El Salvador, Nicaragua, Jamaica and Guatemala.

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After Slave Revolution, Haiti now needs Business Revolution

Haiti is today standing at the crossroads. One path leads to complete humiliation and dependence on foreign countries and the other is of economic independence and sustainable growth. Several factors will together determine the fate of Haiti in the long run. Let us take a quick look at the aspects that can lead to development of Haitian economy.

• Haiti requires entrepreneurial revolution and for that the first step will be to build roads, improve electrical grids and develop other national infrastructure. Simultaneously, Haitians should be trained to maintain these new developments. Once the infrastructure is developed, the path for private investment opens up. This basic framework development is possible only with foreign aid. Haitian government on the other hand has to work closely with foreign investors and accept strict foreign vigilance at initial stages and prove that it is capable of managing FDI with minimum impact of corruption. The strict vigilance will gradually decrease and the government will have more flexibility to manage FDI that suits Haiti's needs.

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Haitian Diaspora Remittance Helps Haiti and U.S. Economies

Many Haitian Diaspora living in states like Florida, New York and Massachusetts send money to their families in Haiti with regularity. The recipients of these remittances are overwhelmingly poor. With their remittance income, they spend for the basics, which mean shelter, food staples, articles of clothing, and medicines. These people live well below the poverty line by any standard and 55% of them have no other income to depend on.

Since the 2010 earthquake toppled Haiti, the country's economy has depended heavily on receiving remittances from the Haitian Diaspora. With about one in five families receiving remittances from relatives, Haiti's Central Bank estimates the Diaspora sends around one billion yearly to Haiti. This figure adds up to more than 25% of Haiti's Gross Domestic Product (GDP), and exceeds its annual foreign direct investment and export revenue.

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