Latin America on the Rise




Congressman Sam Farr hosts a monthly Congressional briefing series called Latin America on the Rise, which brings in a diverse array of perspectives to highlight emerging and emergent issues in the Western Hemisphere. Prior panelists include Roberta Jacobson, Assistant Secretary of State for Western Hemisphere Affairs, Department of State; António Guterres, United Nations High Commissioner for Refugees, Maura O’Neil, Chief Innovation Officer, USAID; and Ambassador Carmen Lomellin, US Permanent Representative to the Organization of American States.

 

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Upcoming Briefing:

Sending Billions Home
US Remittances to Latin America
 
 

  

10:00 am, Tuesday, April 29
Congressional Meeting Room North
Capitol Visitors Center

  

 

Every year, migrants in the US send billions of dollars to their home countries in Latin America in sums dwarfing foreign aid to the region. Over 50% of immigrants from Spanish-speaking countries send a portion of their US earnings  – known as remittances –  back to their families. Mexico is the highest recipient, but a snapshot of a few countries illustrates the broader hemispheric impact.
 
US Remittances Received in 2012: 
 
  • Mexico: $22.4 billion
  • Guatemala: $4.7 billion
  • El Salvador: $3.9 billion
  • Honduras: $2.8 billion 
  • Haiti: $1.9 billion
 
In 2011, over $53 billion was remitted to Latin America, while foreign aid in the same year was eight times less at $6.2 billion (Pew Hispanic Trends Project). In El Salvador, Honduras, and Guatemala, remittances constitute 10% or more of their gross domestic product. While remittances flows can reduce poverty at the household level, the effect on the receiving nation’s economy remains unclear.
 
Please join Congressman Farr at 10:00 am, Tuesday, April 29th to discuss the social and economic impact and potential of remittances for US policy.
 
 
Panelists
 
Manuel Orozco
Senior Fellow
Inter-American Dialogue
 
Mario Hernandez
Director of Public Affairs
Western Union
 
Natasha Bajuk
Specialist, Multilateral Investment Fund
Inter-American Development Bank
 
Moderator
 
Mark P. Sullivan
Specialist in Latin American Affai