Reposted from The Himalayan
By Bihari Krrishna Shrestha
Nepal’s own self-styled micro-finance gurus have not been lagging behind in claiming to have extended the service to many million people.
The intensity of devotion with which Professor Mohammad Yunus, the Nobel Laureate Grameen Bank guru from Bangladesh was greeted recently in Kathmandu was a testimony to a devotion of the large community of micro-finance professionals to the cause in Nepal too. However, despite Nepal’s own history of micro-finance being at least as long as that of Bangladesh, poverty remains chronically widespread and deep-seated among the people particularly at the lower echelons of society, even as it has been the remittances from abroad that have contributed to the rather dramatic reductions in Nepal’s poverty in recent decades. More…
Since the civil war ended in 2009, Sri Lanka has emerged as one of Asia’s fastest growing economies
By John Enos
Since Sri Lanka’s 26-year civil war against the Tamil Tigers came to an end in 2009, the South Asian nation of 20 million has experienced impressive growth due to a rise in tourism and its strategic position along one of the busiest international shipping lanes in the world. The US $64 billion economy is propelled by tourism, remittances, tea, textiles, and agriculture. Sri Lanka’s GDP, which grew at 8% in 2010 and 8.3% in 2011, slowed down to 6.5% in 2012 due to the country’s balance of payments predicament and the sluggish performance of the global economy. However, 7.5% growth is projected in 2013 and last year’s contraction will be ameliorated as tourist arrivals surge, large-scale infrastructure and port projects near completion, and Western demand for Sri Lanka’s exports strengthens. Matching the country’s solid GDP growth are its improvements in corporate governance. Sri Lanka was ranked as the second most improved country in the world in ease of doing business in the World Bank’s Doing Business 2013 report, the first time in seven years that a South Asian economy gained such an accolade.
This article is an excerpt from Leopard Asia Frontier Fund’s upcoming January 2013 newsletter. You can subscribe to the newsletter here. More…
Reposted from The Daily Star
By Rejaul Karim Byron
Remittance from major countries except the US shot up by 16-55 percent year-on-year in 2012, due to an increase in Bangladeshi wage earners abroad and their incomes. More…
Reposted from Reuters
by Ruma Paul
Money sent home by Bangladeshis working overseas rose 15.30 percent to $1.15 billion in May from a year earlier, central bank data showed.
Remittances for the first 11 months of the current fiscal year ending this month rose 11 percent to $11.77 billion, according to data released late on Thursday. That outpaced the previous fiscal year’s total inflows of $11.65 billion. More…
Reposted from The Caribbean Journal
The region near the Massacre River in the Dominican Republic
Trade with Haiti has become of vital importance to the Dominican Republic, according to Dominican Economy Minister Temistocles Montas.
The country’s strong relations with Haiti are not limited to trade, however, because migration flows have increased significantly, he said. More…
Reposted from Businessweek
From JULHAS ALAM
Bangladesh said Thursday it anticipates 7.2 percent economic growth in the coming fiscal year from increased export earnings and more remittances from Bangladeshis abroad.
Finance Minister A.M.A. Muhith unveiled the budget for 2012-13 in Parliament amid a boycott of the proceedings by the opposition, who accuse the government of repressing its leaders and activists. More…
Reposted from Reuters
Bangladesh’s foreign exchange reserves rose to $10.07 billion at the end of February, the highest since November, from $9.38 billion in January, thanks to an improving trade balance and strong remittances, the central bank said on Thursday.
However, the reserves were down from $11.16 billion a year earlier. More…