US$490m Remitted Annually To Zimbabwe, Says IFAD

IFAD is the agriculture arm of the Washington-based World Bank.

“Both official and informal remittances could be between US$360 million and US$490 million every year in Zimbabwe,” IFAD said in a statement made available to Radio VOP.

It said comparative statistics showed that on SADC member states Zimbabwe ranked fourth in terms of volume of remittances received after South Africa, Angola and Mozambique and third in terms of share of the GDP (Gross Domestic Product), after Lesotho and Mozambique.

“The vast majority of Zimbabwean migrants regularly send back remittances,” IFAD said. “Three quarters of them sent cash to households, companies and rentals. While there is no doubt that Zimbabwe receives a considerable amount of remittances, it must be outlined that accurate information is difficult to obtain as the vast majority of remittances are currently transferred through informal channels. Therefore, estimates on remittance flows to Zimbabwe have to be considered with great caution.”

The World Bank’s IFAD, on the other hand, said offial remittances to Zimbabwe stood at US$17 million in 1980, US$28 million in 1981 and US$33 million in 1982.

“After this official remittance flows decreased until 1994 when they were estimated at US$44 million,” IFAD said in its report.