Wednesday, October 14, 2009

People Aid

"Yet remittances are an efficient, market-driven means of pushing money towards people who are hard pressed. Crucially cash is not channeled through NGOs or civil servants who absorb (and waste) a chunk of the aid."

"The aid workers who really help," The Economist, October 10, 2009

Ouch!

"The World Bank says foreign workers sent $328 billion from richer to poorer countries last year, more than double the $120 billion in official aid flows from OECD members."

Of course there can be rip-off on the sending and receiving ends, although here again markets are driving down costs -- at least for some regions.

Yet,given the economic downturn,"Jean-Christophe Dumont of the OECD [says that it is] 'less clear what potential migration has for poverty relief.'"

I suspect remittances will keep flowing.

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