Kenya went into records as the topmost country that received the highest remittances from its citizens living abroad in East Africa. This was after the country received $10.74 billion between 2013 and 2018, the highest in EA hence becoming the biggest diaspora beneficiary through remittances.
According to the latest World Bank brief, Uganda South Sudan Tanzania Rwanda and Burundi received ($6.28 billion) ($2.85 billion), ($2.39 billion), ($1.13 billion) ($257 million) respectively.
The East African countries recorded a 60 per cent general increase of remittances after they hit $4.66 billion in 2018, from $2.84 billion in 2013.
Direct investment flows into East Africa however shown a downward trend as they reduced by 25.3 per cent to $6.6 dropping by 60.6 per cent. However, Burundi and Rwanda were excluded from the EAC trade report (2017) as their foreign direct investment (FDI) increased by $80.9 and $599.9 million respectively.
India managed to retain its position as the world’s top recipient after Indian in diaspora managed to send home $79 billion.
“In 2018, remittance flows to low- and middle-income countries (LMICs) reached $529 billion, an increase of 9.6 per cent over 2017. Remittance flows grew in all six regions, particularly in South Asia (12.3 per cent) and Europe and Central Asia (11.2 per cent),” the world bank report stated.
Strong Economies, some Gulf Cooperation Council (GCC) countries and the Russian Federation rebound in outward flows, and the employment situation in the United States are some of the leading causes attributed to the growth of remittances recorded in the low and middle-income countries.
According to the World Bank, low- and middle-income countries are most likely to record a $550 billion of remittances in the year 2019.
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