UN revealed its latest reports about the recipients of money transfers in 2016 in the world.
According to the UN, they reveal the report about the money transfer in 2016 in the world. They said that Asian countries are the biggest recipients of money transfer from the foreign countries. These Asian countries on the top of the list including, India, China, Philipines and Pakistan.
Pedro de Vasconcelos, manager of IFAD’s stated that,
This money is spent on food, health care, better educational opportunities and improved housing and sanitation. Remittances are therefore critical to help developing countries achieve the sustainable development goals.
United Nation International Agricultural Development revealed the annual report, They confirmed that India is one of the top remittance receiving country from citizens living abroad. They also mentioned in the reports that India transferred $62.7 billion from the foreign countries in 2016. The China country also transferred 62 billion during 2016 from foreign countries.
Here is the list of top recipients of money transfers in 2016:
- India – $ 62.7 billion
- China – $61 billion
- Philippines – $29.9 billion
- Mexico – $28.5 billion
- Pakistan – $19.8 billion
- Nigeria – $19 billion
- Egypt – $16.6 billion
- Bangladesh – $13.7 billion
- Guatemala – $7.4 billion
- Lebanon – $7.3 billion
According to the reports, the money transfer increased by 87 from the past ten years. The money transfer reaching $244 billion. The transfer cost exceeds $30 billion annually.
Gilbert Houngbo, IFAD Chief stated that,