Dominica was the recipient of US$49 million in remittances last year.
According to a News Americas analysis of the latest World Bank report on global remittances over US $15 billion was sent back to the Caribbean region.
Three Caribbean countries received the most despite the global pandemic.
The Dominican Republic received US$8.3 billion in remittances last year while Haiti received US$3.1 billion and Jamaica US$3 billion.
Citing the data on Thursday, Invest Caribbean CEO, Felicia J. Persaud, presenting at a National Bar Association panel on ‘Africa And The Caribbean Region: Bridging the Diaspora through International Trade & Investment,’ said the time had come for the Caribbean and Africa to turn the billions of remittances into an Africa and Caribbean Diaspora Fund.
Identifying the shared issue of lack of access to capital faced by businesses in both regions, Persaud challenged fellow panelists and the Association to join Invest Caribbean in making such a fund a reality.
“We are talking about a combined US 60 billion conservatively that goes back to these regions annually. Imagine if we can turn that into a fund that delivers a return on investment for the sender plus helps develop economies and funds dreams,” she said.
The power is really in our hands here in the Diaspora, if we can simply unite our human and financial resources.”
Prime Minister Roosevelt Skerrit announced recently that EC22 million dollars in remittances were sent to Haiti in 2020 by Haitian nationals living and working in Dominica.
Based to the figures published above, Dominca received $49 million US from citizens overseas, this amounts to over $122 million EC. The double doctorate dude uses his fuzzy formula to indicate that the Dominican economy is doing great, because Haitians sent back EC $22 million or US $8.5 million to their families. Developed countries don’t boast that their economies were strong because Caribbean citizens sent back $15 billion US to their loved ones. This is a nonsensical developmental matrix from the double doctorate dude. Would you want this guy teaching your children finance or economics? I guess not. Yet this is who controls the purse strings of Dominica’s economy. Every year he has to go back to cabinet to get his puppets to authorize budgetary overspending. Skerritt couldn’t figure out that his presentation to parliament had a EC $1.2 billion shortfall. He threatens bus drivers that they can’t hold a knife to his head for Covid-19 relief, yet he pays up. That’s cookoo
℅,you blame the DIASPORANS for DLP numerous election victorIes,now you say Skerrit hate them.You are a confusing JACKA.
In the absence of the Red Clinic, the US$49,000 000.00 is what kept the economy afloat, because noone knows what is happening to other funds obtained by Dominica from other institutions!!
Anytime the liar in chief leaves office, i believe that a thorough investigation must be conducted to see what route those monies took!
By the way the preponderance of the US$49 million in remittances are from diasporans Skerrit hate with a venom, and not from those who come to impose a false government that lie, steal and cheat upon the people.
Those “Sack Weigh Teeth” in government.
I am happy to see someone put this information out there. This is the importance of diaspora to helping sustain the economy of home country. That is over ec 100 million of revenue that helps prevent the collapse from the loss of productivity. Name me one industry in Dominica that brings in 50 million in revenue to the country annually. Sadly the Chinese stores and other foreign entities are taking it right back out.
The Caribbean region received over $15 BILLION dollars in global remittances in 2020 from which Dominica received $49 MILLION, the World Bank reported.
The topic of this article is a cause for concern.
Couldn’t it (the topic) had been written differently?
Oh be quiet and don’t show your ignorance so. The $ 49 million is mostly money
what the diaspora send to us in Dominica from overseas, to help their families, their parents, their grandparents. What do we send them apart from a boaster PM that tell PS the world this is not enough for his family to live on and he wants more.