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Ethiopia to get $387 million in remittances in 2010 - World Bank

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11/09/10

  10:03:17 pm, by admin, 223 words  
Categories: Ethiopia

Ethiopia to get $387 million in remittances in 2010 - World Bank

Ethiopia to get $387 million in remittances in 2010 - World Bank

Ethiopia is expected to received $387 million in remittances in 2010 according to a report released by the World Bank, registering a 9.6% increase from 2009. The amount of total remittances in Ethiopia accounts about 10% of the country's GDP.

Ethiopia, which has East Africa's biggest economy, is the second most populous country in Africa with a population of 83 million. According to the report, Ethiopia has some 620,000 people in the Diaspora with the top destination countries being: Sudan, the United States, Israel, Djibouti, Kenya, Saudi Arabia, Canada, Germany, Italy and Sweden. The percentage of migrants as percentage of the total population in Ethiopia is less than 1%, the report says.

Sub-Saharan African countries that led in remittances in 2010 are Nigeria (US$10bn), Sudan (US$3.2bn), Kenya (US$1.8bn), Senegal (US$1.2 bn), South Africa (US$1bn), Uganda (US$0.8bn), Lesotho (US$0.5bn), Ethiopia (US$387 million), Mali (US$385 million), and Togo (US$302 million).

Worldwide, remittance flows are expected to reach US$440bn by the end of 2010, up from US$416bn in 2009. About three-quarters of these funds, or US$325bn will go to developing countries.

According to the Factbook 2011, the top migrant destination country is the United States, followed by Russia, Germany, Saudi Arabia, and Canada. The top immigration countries relative to population are Qatar (87 percent), Monaco (72 percent), the United Arab Emirates (70 percent), Kuwait (69 percent), and Andorra (64 percent).

See Full Report Here

39 comments

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Comment from: Yirgacheffee [Visitor]
Yirgacheffee

I’m confused!

First the Ethiopian government says one billion, then the UN says “No its actually three billion, and then the World Banld says “No its $387″.

Sorry for my Neftegnianized comment but I’m confused!

[It appears that the story by Capital, which we have posted is incorrect. According to the World Bank, the figure is $387 million and here is the source ]

11/09/10 @ 22:21
Comment from: justin [Visitor]
justin

The Ethiopian National Bank’s estimate of 1bn/year seems to be correct. They are also counting the money which goes in informally.

11/09/10 @ 23:05
Comment from: Kuraz [Visitor]
Kuraz

I do not believe this figure No way man! something missing somewhere, it must be over a billion. I know a friend involve in this business transferring fund a lot of money every month.

11/10/10 @ 01:03
Comment from: Seleme [Visitor]
Seleme

Cheffee,

. . .despite of other opposition demands not to send money in our country we, diaspora will continue to feed our people and increase dollar reserves. . .but still, our system is rotten, those scalawags money changers and remittance agencies are not properly regulated by the government. . .

. . .puppet, i dont understand most of you and other puppets here asked diaspora “what we contributed” to our country. . .

. . .no need to answer

Kuraz,

. . .in the middle east countries like Dubai, you can find unscrupulous Ethiopians illegally sending money to our country by taking money to the senders and paid locally in our country without government regulation and proper revenues. . .this is not included with the abovementioned figures. . .and this is clearly money laundering and international organized crime activities. . .

. . .accountable? im sure the stupid cheerleaders will blame the senders, the diasporas and not the accountable government who should take corrective and productive action with this longtime crime committed by these syndicates. . .

. . .the father and the sons are both same. . .the father sent hundred millions to other countries and his sons sucked their own people by unfair exchange rates. . .


11/10/10 @ 02:33
Comment from: Pink Panter [Visitor]
Pink Panter

Oh Boy! I am surprised by the Nigerians’ remittance. I wonder how much of it is stolen!

11/10/10 @ 03:22
Comment from: aratkilo [Visitor]
aratkilo

I am confused too !
i totally agree with yergacheffe.

11/10/10 @ 04:23
Comment from: $$$ [Visitor]
$$$

I just wondering how Nigerian figures are so high!!! Any ideas?

11/10/10 @ 04:25
Comment from: Ato Hile [Visitor]
Ato Hile

IS this not funny enough? 30% of The ethiopian budget enjected by the money from IMF, World Bank and other wealthy Nationi.
By the end of a budget year Ato MelASS is busy telling the world our GDP grouth is 10%.
MelASS should stop fooling the world! we never produce or export by ourselves to add up those figures. Guess what could happen if HIS masters stop giving such a huge amount of money?
The late great leader of MENgistu HAile mariam took the country from dark to light age. HE never beg, never bow to West!
OFcourse menge spent billions of dollars to buy nice AK47 to shoot this woyane thugs, at a time the RIGHT DECSION AND ACTION!!!

11/10/10 @ 04:34
Comment from: henok [Visitor]
henok

It is very little. Is it this negligible money that the Diahard, toxic diaspora enemies like Elias call for a ban? kkiki

11/10/10 @ 05:31
Comment from: Imperial Body Guard [Visitor]
Imperial Body Guard

Children beware for the mark of the beast has come into money transfers and Western Union will not refund the transfer fee should the number of the beast be in the MTCN number. Today even the logo of the National Bank of Ethiopia has the satanic star of ethnic federalism deceiving the people of Ethiopia with their love of money which is the root of all evil.
‘Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
Your riches are corrupted, and your garments are motheaten.
Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire: ye have heaped treasure together for the last days.
Behold, the hire of the labourers which have reaped down your fields, which is of you kept back by fraud, crieth: and the cries of them which have reaped are entered into the ears of the Lord of sabaoth.
Ye have lived in pleasure on the earth, and been wanton; ye have nourished your hearts, as in the day of slaughter.
Ye have condemned and killed the just; and he doth not resist you.’ James 5:1-6
“How noble and great a deed is the act of sacrificing one’s wealth, land and money, to one’s needy community instead of for selfish purposes! The gratitude remains for ever.
If the programme of ’self-help’ is pushed forward with this same degree of motivation, you will undoubtedly leave a tradition worthy of remembrance by your children….One who does not contribute to his community and the coming generation remains to be a burden to his society and an object of ridicule to outside observers.” Selected Speeches of His Imperial Majesty Haile Selassie I, pages 82-3
Long Live the Constitutional Monarchy!
Long Live the Kebra Negast!
Long Live the Fetha Negast!
Fire burn down the neo-colonial witchcraft star of secession
Rise with the Lion of Judah!
Gasha for Ethiopians!
Long Live Independent Ethiopia!

11/10/10 @ 05:33
Comment from: Shaft [Visitor]
Shaft

If you look at footnote 12 (page 8) of the Migration and Development Brief (released on 8 November 2010), which was issued together with the Migration and Remittances Factbook 2011, it states that Ethiopia receives $387 million but explains that “A recent survey by the World Bank’s Future of African Remittances (FARS) program suggests that annual remittance flows to Ethiopia could be as high as $3 billion".

So, the $387 million/year should be taken as remittances using FORMAL channels, while the $3 billion/year includes INFORMAL channels as well.

The World Bank can only base its figures on what is FORMALLY registered in remittances.

You can read the Brief here:

http://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1110315015165/MigrationAndDevelopmentBrief13.pdf

11/10/10 @ 07:07
Comment from: shaft [Visitor]
shaft

I tried to trace the original source of the $3.2 billion in remittances/year for Ethiopia, and here is what I found:

1. A slideshow of the World Bank entitled ‘Remittances to Ethiopia’ and presented in Addis on 27 October 2010 explaining how they estimated the $3.2 billion figure. Here is the source: http://www.slideshare.net/africaremittances/remittances-to-ethiopia-world-bank-survey-results-5607442

2. The survey in Ethiopia was actually conducted by Bendixen & Amandi - a public opinion research, management, and communications consulting firm based in Miami.
http://www.bendixenandassociates.com/

3. Bendixen & Amandi conducted the survey on behalf of the ‘Future of African Remittances’ programs of the World Bank.
http://www.africaremittances.org/

4. There is no other publication made available to the public yet.

(Thank you so much)

11/10/10 @ 07:56
Comment from: mariam [Visitor]
mariam

now all money is accounted for in the US, which is great and many institutions are benefiting from it as well. Wish Ethiopia could also set up a system to benefit from the transaction, i.e. providing direct depost to local banks a us dollar so that the locals can have direct access. Too many third parties making too much money in the name of foreign exchange.

11/10/10 @ 08:42
Comment from: Anbesaw [Visitor]
Anbesaw

What! World Bank is giving 387 million dollar?

There is no new thing from the enemy of Ethiopia.

Death to woyane!

11/10/10 @ 09:02
Comment from: Woyaneleba [Visitor]
Woyaneleba

woyane intercepted the remittance midway before it got to the recipient! They stole it by night!

11/10/10 @ 09:23

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