2024: Latin America Receives $156 Billion in Remittances, Surpassing World Bank and IMF Loans

May 8, 2024, 04:49 AM

In 2024, remittances to Latin America and the Caribbean surged to approximately $156 billion, a significant increase from previous years. This amount surpasses the annual lending of the World Bank to developing countries and exceeds all the outstanding loans the International Monetary Fund (IMF) has with almost 100 countries. JPSpinetto described this financial influx as a potential catalyst for regional integration and a means to incorporate low-income workers into the formal economy, emphasizing its life-changing impact. The rise in remittances is part of a broader trend where global remittances have dramatically increased, with figures reaching $831 billion in 2022 from $128 billion in 2000.