"Migrant Money Matters: The Unlikely Poverty-Fighter" Millions of people around the world rely on remittances, the money sent back home by migrant workers, to make ends meet. Despite being an informal system, remittances have proven to be a surprisingly effective way to reduce poverty, outperforming many government-led initiatives. In fact, the World Bank estimates that remittances sent back to developing countries are equivalent to three times the amount of official foreign aid. As the global economy continues to shift, the impact of remittances on poverty reduction is a story worth exploring, and one that highlights the often-overlooked contributions of migrant workers to their home countries' economies.
Remittances represent one of the most efficient poverty reduction programs yet developed, and no government designed it.
