News

Ukrainians Working Abroad Transfer to Country Money Equal to Investment Amounts

12.10.2011
Source: Ukrainian National News Agency

Labor migrants transfer to Ukraine the same amounts of money as all foreign investors taken together.

Those data were cited by the Ukrainian representation of the International Organization for Migration (IOM) in its report "Migration in Ukraine. Facts and Figures."

The volume of money transfers to relatives from Ukrainians working abroad in 2010 made up USD 5.2 billion. At the same time, the amount of direct foreign investments to Ukraine over this period was USD 5.5 billion.

In addition, the remittance amount, received from Ukrainians working abroad, almost eight fold exceeds the amount of foreign aid to Ukraine‟s development (USD 0.667 billion).

By some assumptions, Ukraine would lose 7% of its potential without a stimulating influence of transfers from migrants.

According to the study, the major part of money from those transfers is spent by relatives for their living (73%), a part - for the purchase of consumer goods (26%), and only some start their own business (3.3%).

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