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18 September 2007 In its report “Migration and Remittances: Eastern Europe and the Former Soviet Union” the World Bank unveils that the remittances sent by the Moldovans working abroad cover approximately 27% of Moldova’s Gross Domestic Product (GDP). This is the highest value of the remittances among the countries of Eastern Europe and the former Soviet Union. During the presentation of the report in Chisinau, the World Bank economist Willem van Eeghen said that poverty in Moldova would have been much severe if the Moldovan migrants had not sent remittances home. According to him, without this money, the country’s incomes would drop considerably following a fall in consumption, in the number of constructions etc. According to the report, the labour force migration will grow simultaneously with the remittances as a result of the demographic decline in Europe and some CIS countries, especially Russia, where the population is ageing. The WB official considers that the authorities in Chisinau should encourage and create better conditions for circular migration because this would provide legal employment conditions, would reduce the incomes of human traffickers and would stimulate the return home. The National Bank of Moldova says that the remittances sent home by the Moldovan migrant workers through commercial banks added up to about US$598.76 million over January-July 2007. The International Monetary Fund forecasts that the remittances will reach approximately US$1.41 billion in 2008.
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