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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
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!
The Ethiopian National Bank’s estimate of 1bn/year seems to be correct. They are also counting the money which goes in informally.
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.
. . .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
. . .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. . .
Oh Boy! I am surprised by the Nigerians’ remittance. I wonder how much of it is stolen!
I am confused too !
i totally agree with yergacheffe.
I just wondering how Nigerian figures are so high!!! Any ideas?
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!!!
It is very little. Is it this negligible money that the Diahard, toxic diaspora enemies like Elias call for a ban? kkiki
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!
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:
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.
3. Bendixen & Amandi conducted the survey on behalf of the ‘Future of African Remittances’ programs of the World Bank.
4. There is no other publication made available to the public yet.
(Thank you so much)
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.
What! World Bank is giving 387 million dollar?
There is no new thing from the enemy of Ethiopia.
Death to woyane!
woyane intercepted the remittance midway before it got to the recipient! They stole it by night!
Look and compare the list. Ethiopians are not investing in Ethiopia. Who gives his/her hard currency to a narrow minded and tribal Eritrean agent leader to promote his EFORT business managed by his wife Azeb Mesfin?
When Ethiopia gets a true Ethiopian leader who is committed to the peace and development of Ethiopia, Ethiopians will invest in Ethiopia. Meles is trying to sell out Ethiopia to Ethiopians as he does to foreigners. First let Ethiopians be free from tyranny and let the atrocity of TPLF stop in Ethiopia. Then Ethiopians can talk about investment.
Ethiopian remittance is not much, because we don’t send as much money per person as those from Sudan or Nigeria. We don’t have as many professionals or risk-taking business oriented people that earn good money. In Europe, many Habeshas receive social handouts or do menial work that doesn’t pay well. We should encourage the next generation to develope more entrepreneurial mindset.
Nigeria has the largest population in Africa. I don’t know about other countries but they are the largest Africa migrant groups in USA and UK, so it is not surprising.
This figure is collected from Financial Institutions. The amount is far more than that when you think of money sent outside of the system. Most likely majority of the people send via friends and family in order to gain the black market rate. I heard that there are over 700,000 Ethiopians in North America. But the world bank figure is that 620,000 all over the world. I am sure that Europe, Middle East, Djibouti, Kenya and South Africa combined together should have 500,000 Ethiopians.
Martha even if u want to invest in Ethiopia you don’t have d money. Just live ur American dream aight. U probably make 10/hr, if u r working parking or 35 to 40 a year, if u have degree. After evrything u don’t have any money to invest. I bet you r shabiya jealous of Ethiopia. Leave the investing for us ppl who have the money tnx.
May God bless Ethiopia and her ppl.
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