Migrant worker remittances to top US$ 7 billion - Daily News - August 23 2013
Mifthia
Migrant worker remittances to top US$ 7 billion
Rasika Somarathna
Foreign Employment Promotion and Welfare Minister Dilan Perera expects Sri Lankan migrant worker remittances to surge over US $7 billion in 2013, an increase of at least US $1 billion from the previous year.
In 2012, migrant worker remittances rose to US $6.1 billion, the highest contribution from a single sector to the country's foreign revenue. The workers' remittances were 10 percent of the country's GDP in 2012. While noting that present trends indicate migrant worker remittances will hit the US $7billion mark for the first time this year Minister Perera said that his Ministry targets remittances of US $10 billion by 2020. Current figures show with over 1.7 million Sri Lankan's working abroad, migrant workers constitute 17 percent of Sri Lanka's working population.
The Minister meanwhile attributed the surge in worker remittances to the thrust adopted by his ministry to increase the migration of skilled manpower for better salaries and perks rather than unskilled and female domestic workers.
The Minister was of the opinion that Sri Lanka could put these large foreign revenue generated by its migrant workers to better use if the country can curb monies spent on imports, especially crude oil, medicine and certain food items. The monies spent by Sri Lanka to import crude oil is equivalent to the amount remitted by its migrant workers in 2012, the Minister pointed out. In addition to crude oil the country also spends heavily to buy sugar, wheat flour and medicine, he noted.
He said indications were that Sri Lanka will be able to produce its own crude oil in the future and also become self sufficient in its Sugar needs. Also the government has been able to save a huge drain on foreign exchange in the import of crops such as rice, flour and several other food items by producing the required amounts.
"This augurs well for the country's future and this would enable our foreign earnings especially those contributed by the migrant workers to be used for more gainful development work to benefit the country as a whole" he added. The Minister noted the above participating in a function to promote sugar cane cultivation in the Halielea area recently.
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Mifthia Jalaldeen
Administrative Officer
Solidarity Center
No. 30A, Pamankada Lane,
Off W.A. Silva Mawatha
Colombo 6
Sri Lanka
Telephone: 94-11-2365211/4362597
Fax: 94-11-2366543
Mobile: 94-777-764786
Solidarity Center Website: www.solidaritycenter.org
