KINGSTON, Jamaica - TORONTO, Canada (IDN) — A new report has highlighted the importance of funds remitted home by migrants, which are now nearly three times the size of official development assistance given by rich developed nations and larger than private debt and portfolio equity flows to developing countries.
They exceed the foreign exchange reserves in at least 15 developing countries, and are equivalent to at least half of the level of reserves in over 50 developing countries, says the latest issue of the World Bank's Migration and Development Brief.
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