adminGiving a presentation to Labour Migration course participants at the International Training Centre of the International Labour Organisation here, Ms Severine Deboos, said money transfers to developing countries have regained their dynamism and should increase at a slower pace in 2012-14.
She said ILO conventions 97 and 143 state that any member in which these conventions are in force undertakes to allow taking into consideration the limits set by national legislation on the export and import of currencies. They should also allow the transfer of any part of earnings and savings of migrant workers that they wish to transfer.
“ILO multilateral framework on labour migration (ILC 2004) promotes and provides incentives for enterprise creation and development, including transnational business initiatives and micro-enterprise development by men and women migrant workers in origin and destination countries.
“The framework also reduces the costs of remittance transfers, including by facilitating accessible financial services, reducing transaction fees, providing tax incentives and promoting greater competition between financial institutions,” she said.
Ms Deboos said money transfers have positive impacts as they increase the income of countries of origin, improves solvency, access to international capital markets, stimulates cross-border trade and investments, supports entrepreneurial activity and also reduces poverty.
“Savings allow the injection of capital that can be loaned to investors which can be used to start business and boost the health sector.
“Money transfer agencies are playing a critical role in making migrants and their families to increase their ability to make rational and enlightened decisions on use of transfers.
“The top 10 recipients of migrant remittances are India, China, Mexico, the Philippines, Pakistan, Bangladesh, Nigeria, Vietnam and Egypt,” she added.
Online Reporter