[Congressional Record Volume 154, Number 53 (Friday, April 4, 2008)]
[Extensions of Remarks]
[Pages E515-E516]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




APPLAUDING THE RISE IN REMITTANCES SENT TO THE CARIBBEAN AS CRUCIAL TO 
                         THE AREA'S DEVELOPMENT

                                 ______
                                 

                         HON. CHARLES B. RANGEL

                              of new york

                    in the house of representatives

                         Friday, April 4, 2008

   Mr. RANGEL. Madam Speaker, I rise today to note the significant role 
remittances play in the economies of the Caribbean and to applaud their 
record-setting increases, as described in the New York CARIB News 
article, ``Remittances to Caribbean Reach Record High of $8 Billion in 
2007.'' That money, sent on behalf of family and friends living abroad, 
represents a considerable--and pivotal--portion of the region's GDP. 
These funds go a long way in contributing to the area's development and 
provide aid for its people to better afford food, shelter, clothing, 
and medicine.
   This boost is a remarkable and laudable sign of global support for 
our neighbors to the south. Jamaica, Haiti, Guyana, Trinidad and 
Tobago, Suriname and Belize have particularly benefitted from it, 
receiving each a record amount. It is my hope that the region continues 
to see an influx of these funds from supporters worldwide who care 
intimately about the progress of the Caribbean.

    Remittances to Caribbean Reach Record High of $8 Billion in 2007

        The amounts typically range from $200 to $300 at each 
     time.
        Still, in 2007, they amounted to a whipping $8.1 billion 
     to the Caribbean, accounting in same cases to at least a 
     third of the economies of nations in the region which receive 
     funds from nationals in North America, Europe and elsewhere. 
     At least $5 billion of those funds went to Caricom states, 
     particularly Jamaica, Haiti, Guyana, Trinidad and Tobago, 
     Suriname and Belize.

[[Page E516]]

        In its annual report on remittances to Caribbean and Latin 
     American nations in 2007, the Inter-American Development 
     Bank's Multilateral Investment Fund stated that Jamaicans, 
     Haitians, Guyanese, Trinidadians, Surinamese and Belizeans in 
     that order sent a record amount of funds to their relatives 
     and close friends last year.
        And while the MIF didn't cite a specific sum for Barbados, 
     the United Nations and the World Bank had previously 
     estimated that Bajans abroad had sent more than $140 million 
     to their country.
        Overall, remittances to the Caribbean and Latin America 
     rose by seven per cent in 2007 over the figure for 2006, the 
     first year for which there wasn't a double digit increase 
     stated the Fund.
        The importance of the remittances, the MIF explained, 
     could be seen in ``the significant contribution to the 
     region's economy. For instance, Jamaicans remitted $1.9 
     billion to relatives, accounting for 18% if country's gross 
     domestic product while Haitians' $1.8 billion to in 
     remittances represented 35% of the GDP. Guyana's was by far 
     the largest single contributor to the GDP. The $424 million 
     may have been about 16 per cent if Jamaicans' flow but the 
     money was 43% of the economy.
        The smallest contribution was the $125 million repatriated 
     to Trinidad and Tobago. It represented one per cent of the 
     economy while in Suriname's case, the $115 million was 5%.
        The Dominican Republic was the largest single recipient of 
     remittances in the larger Caribbean region, receiving $3.1 
     billion.
        Belize's receipts of $105 million were the equivalent of 
     8% of the GDP.
        A closer look at the figures for 2007 and prior years 
     showed that remittances to:
        Jamaica rose from $983 million in 2001 to almost $1.5 
     billion in 2004.
        Haiti, they skyrocketed from less than $900 million in 
     2001 to just under $1 billion in 2005, rising to last year's 
     record level of 1.5 billion.
       Guyana are considered a ``crucial source of income.''
        The Caribbean and Latin America as a whole reached $66.5 
     billion, about seven per cent more than in 2006.
       Mexico amounted to almost $24 billion, and was virtually 
     unchanged, rising barely by one percent. Apparently Mexicans 
     ``appear to be less inclined to send money home, citing 
     concerns about stricter enforcement of immigration laws and a 
     slowing economy in the United States,'' the MIF reported.
        Brazil, totaled $7 billion, a decline of 4%. The reason: 
     ``increasing opportunities at home and a strengthening local 
     currency, the ``Real,'' has appreciated 14 percent against 
     the dollar over the past 12 months.
        The various countries pay for ``basic expenses such as 
     food, shelter, clothing and medicines but some of them are 
     saved.
        The region, about 75 percent of them ``come from the 
     United States, Spain and Japan.''
        Jamaica, the Dominica Republic, Guyana, Haiti and Trinidad 
     and Tobago have risen every year since the beginning of the 
     21st century.

                          ____________________