SELA CONVENES MEETING ON MIGRANTS’ REMITTANCES AND DEVELOPMENT

Caracas, March 28.- The movements of remittances sent by Latin American and Caribbean migrants to their countries of origin and their impact on savings, investments and development will be the central topic to be discussed at the XXV Meeting of International Cooperation Directors for Latin America and the Caribbean on 5 and 6 June 2014 in Antigua, Guatemala.

This activity forms part of the Work Programme of the Permanent Secretariat for the year 2014. Since its inception, the Latin American and Caribbean Economic System (SELA) has given priority to the issue of cooperation among its Member States as a way to promote regional integration and economic and social development.

Under the sponsorship of SELA, since 1987, the Secretariat has conducted the Meetings of International Cooperation Directors for Latin America and the Caribbean, which have provided a space for rapprochement for the directors and the international cooperation agencies of the countries of the region, with the purpose of exchanging ideas, experiences and best practices and undertaking collective action on topics of special interest.

These meetings focus on a central theme, of high priority for the region, and analyze the various cooperation initiatives undertaken by the national focal points in charge of that area, as well as the regional and subregional mechanisms and schemes for cooperation and integration, the regional development banks, the bilateral development agencies and the international organizations in Latin America and the Caribbean.

The central topic of the XXV meeting of International Cooperation Directors for Latin America and the Caribbean will be “Cooperation and Migrants’ Remittances: Impact on Savings, Investment and Development”.

The Permanent Secretary of SELA, Ambassador Roberto Guarnieri, announced that this meeting is being convened to address such an important issue, which has numerous effects on savings, investment, consumption and economic and social growth in those countries receiving remittances.

The Permanent Secretary noted that the meeting will be carried out in coordination and co-sponsorship of the Government of Guatemala, through the Ministry of Economy (MINECO) and the Secretariat of Planning and Programming of the Presidency (SEGEPLAN), with the support of the Perez-Guerrero Trust Fund (PGTF) of the Group of 77 and the participation of other regional entities specialized in the subject.

For this meeting, the Permanent Secretariat of SELA is preparing a study on the destination and use of migrants’ remittances in Latin America and the Caribbean, which together with the presentations to be delivered by representatives of the Member States and other institutions, as well as the debates that may take place, will allow for identifying key aspects in this matter and the opportunities for cooperation with a view to making a better use of remittances to favour productive investment and growth, and to improve the level of consumption in the most vulnerable sectors of the population.

Since 2002, the Permanent Secretariat of SELA has evaluated and monitored not only the issue of remittances, but also the general issue of intra-regional migrations and the migration of skilled human resources. Within this context, it has conducted a series of regional meetings and has drafted documents and studies that are available on SELA’s Web site.

SELA is a regional body for consultation, coordination and economic and social promotion comprising 28 Member States. The activities to be carried out in 2014 are foreseen in a Work Programme that includes programmes, projects and permanent tasks.

As part of the Work Programme for 2014, the first activity carried out this year was a meeting of experts to address the issue of the debt burden in the Caribbean region. That event was organized together with the Association of Caribbean States (ACS) and took place in Port of Spain, Trinidad and Tobago, on 24 February.