The Inter-American Development Bank’s Multilateral Investment Fund (MIF) will hold a news conference at 10 a.m. on Tuesday March 11, 2008 to release its latest estimates for remittances sent by migrant workers to Latin America and the Caribbean.
At the event, which will take place at IDB headquarters in Washington, DC (1300 New York Ave, NW, 9th floor, East Breakout Room), MIF Manager Donald F. Terry will discuss current trends and the outlook for remittances, a key source of income for many developing countries.
In 2006, countries in Latin America and the Caribbean received some $62.3 billion from their expatriates, mostly from industrialized nations such as the United States, Japan and Spain.
The MIF began tracking remittances to Latin America and the Caribbean in 2000. Its research uncovered the magnitude of these flows and fostered competition in the money transfer business, helping bring down costs and attracting low-income families to the formal financial system.