MICROCAPITAL BRIEF: International Fund for Agricultural Development (IFAD) Estimates that Global Remittances Declined 11.5% in 2009

According to a report by the International Fund for Agricultural Development (IFAD), a United Nations agency dedicated to eradicating rural poverty in developing countries, global remittances may have declined by up to 11.5 percent in 2009 due to the financial crisis. The report states, however, that “the sharp declines and increases seen in 2009 have [partially] evened out,” with remittances rising in many countries including Georgia, Turkey, Bangladesh and the Philippines.

By Stefanie Rubin, Research Associate

About the International Fund for Agricultural Development (IFAD):

The International Fund for Agricultural Development (IFAD), an agency of the United Nations, was established in 1977 as an outcome of the 1974 World Food Conference. IFAD is dedicated to eradicating rural poverty in developing countries by focusing on country-specific solutions.

Since 1978, IFAD has invested USD 11.3 billion in 829 projects and programmes. Another USD 18 billion has been contributed in cofinancing from governments, project participants and multilateral, bilateral and other donors.

Additional Resources:

Source Article: IFAD Remittances Newsletter

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