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Remittances, defined as monetary transfers made by migrants to their home countries, play a crucial role in global economies and the livelihoods of individuals and families. In some countries, remittances account for more than 30% of the total economic output .
These remittances represent an important source of funding for many developing countries, including Jordan. [36] According to the World Bank data on remittances, with about US$3 billion in 2010 Jordan ranked at 10th place among all developing countries. Jordan ranked among the top 20 recipients of remittances for the preceding decade.
Remittances is included in the JEL classification codes as JEL: ... List of countries by remittances received; M.
Among the countries that are not part of the development assistance committee but whose aid spending is tracked by the OECD, Turkey is the most generous, spending $6.84bn on foreign aid in 2023 ...
One of the primary methods used to achieve this desired development was by using remittances. The project sought to better utilize remittances as a source for economic investment by first reducing the cost of formal remittance services, as well as increasing the availability of integrated financial services in the poorer regions of Mexico. [11]
This is a list of countries based on the official development assistance (ODA) they have received for the given year. More comprehensive and current lists are available from the OECD (Table DAC2a) and the World Bank (Net official development assistance and official aid received (current US$)).
To qualify as official development assistance, a contribution must contain three elements: Be undertaken by the official sector (that is, a government or government agency); With promotion of economic development and welfare as the main objective; At concessional financial terms (that is, with favorable loan terms.)
In 2013, 23% of all remittances globally were sent from the GCC region. The total official value was estimated to be approximately US$90 billion. [8] In 2016, Saudi Arabia was second on the list of remittance sending countries and other GCC member states were also among the top countries concerning outflows of remittances.