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Migrant Remittances Surge by 650% Over the Past 20 Years – IOM

Amy Pope, Director-General of the foreign Organization for Migration (IOM), reported an astounding 650% increase in foreign remittances over the last 20 years.

Speaking at the 2024 International Dialogue on Migration in Lagos, Pope emphasized the importance of migration in supporting the global economy.

Over the last 20 years, these remittances have increased by 650%. This means that if migrants sent $100 home 20 years ago, they now send $750.

This dramatic growth emphasizes the critical role migrants play in sustaining their families and economies in their native nations.

Pope reported that remittances increased from $128 billion in 2000 to $831 billion now.

Remittances totaling $647 billion were paid to low- and middle-income nations, considerably adding to their GDP and outpacing direct foreign investment.

The debate, titled “Facilitating Regular Pathways to a Better Future: Harnessing the Power of Migration,” focused on how migration promotes sustainable development.

Pope emphasized that migration offers numerous benefits, including economic growth, skill exchange, a better work force, and cultural diversity.

“Our recent World Migration Report provides overwhelming evidence of these benefits,” the pope stated. She emphasized that migration has an impact on politics, society, and the economy in destination nations.

The Pope advocated for investment in safe and regular travel routes to safeguard migrants from exploitation and ensure their rights.

She emphasized the need of policies that provide migrants with access to basic services in their new nations, thereby facilitating their integration.

“Regular pathways can connect people, goods, services, knowledge, and innovation safely,” Pope Francis said. “Poorly managed migration can harm development, so creating these pathways is a top priority for us.”

The Pope urged governments and stakeholders to develop initiatives that support and protect migrants by informing them about their rights and available services.

She underlined the importance of incorporating migration into all policy sectors, such as health, urban planning, education, fiscal policy, and commerce.

“Our goal is to ensure migration and migrants’ needs are included in all policies and regulations,” she said.

The debate emphasized the critical role of migrants in tackling global concerns such as climate change, as well as the importance of concerted measures to support them.

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