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Strategy, method for improving concept of remittances and data

Strategy, method for improving concept of remittances and data. Next Steps. Data needs. Remittances have gained the attention of policy makers due to their size and their potential development impact. Macroeconomic management: stable flows, trade policy focus in relation to GATS.

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Strategy, method for improving concept of remittances and data

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  1. Strategy, method for improving concept of remittances and data Next Steps

  2. Data needs • Remittances have gained the attention of policy makers due to their size and their potential development impact. • Macroeconomic management: stable flows, trade policy focus in relation to GATS. • Development: unique flows that benefit households, including the poor, can be enhanced. • Enabling environment and financial deepening

  3. Specific requests: • Household to household transactions, less concern about ‘worker’ and ‘migrant’ concepts • Aggregate data is most important, followed by bilateral data. • Transfer channels (including informal), frequency of flows, costs, regulatory conditions. • Improvements in data quality are important. • Use of household survey data.

  4. TOR for an IWG to improve remittance statistics • G7 set out draft terms of reference calling for: • improved definitions of remittances; • enhanced compilation guidance; • establishment of a bilateral data set. • Present draft: statistical working group report and conference by September. • Resource issues.

  5. Existing frameworks and cooperative efforts to build on • TSG on Movement of Natural Persons • Work in framework of BOP Committee, and planned improvements in progress • Recent work to estimate remittance flows (countries and agencies) • Planned HHS

  6. Next Steps towards a joint WP to improve remittances data: • Review the TSG group role to adjust and take on new conceptual work for remittances • Use BOP framework and work underway to improve concepts and reported data • Agree on a common set of global estimates - update recent estimates • Harmonize HHS planned by various agencies

  7. Next Steps towards a joint WP to improve remittances data (cont.): • Form an IWG based on G7 request • need to formalize • finalize TOR based on this meetings • deal with some cost implications • Or “City Group” to focus on country data compilation and collection issues

  8. Action plan between now and September – what is missing? • Information sharing • Use of web site, e-mail groups • Report • Drafting group • Scope (stock take, forward strategy) • Meetings • Estimation of bilateral flows • H/H survey guidance

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