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Launch of Remittance Task Force Report
Capitol Hill, Washington DC, 29.04.2004
A special task force established by the Inter-American Dialogue www.thedialogue.org undertook the task "to identify and analyze the policy challenges that large and growing remittance flows pose for Latin American and Caribbean governments, the U.S. government, and international financial institutions." The Task Force included political and business leaders, financial, technical and legal experts and representatives of sending and recipient communities. Global Foundation for Democracy and Development and its president, Dr. Leonel Fernandez, were members of the Task Force.
As a result of regular meetings, exchange of research and joint investigation, the Task Force has come up with recommendations for policy and action which are outlined in the publication "All in the Family - Latin America's Most Important International Financial Flow", published by the Inter-American Dialogue in January 2004.
The report was presented officially on Capitol Hill, on April 29, with the presence and participation of Representative Charles Rangel; Senator Hillary Rodham Clinton; Senator Paul Sarbanes; Peter Hakim, President of the Inter-American Dialogue; Manuel Orozco, Project Director at the Inter-American Dialogue, and Don Terry, Manager of the Multilateral Investment Fund of the Inter-American Development Bank. Representatives of other Task Force member institutions joined them for the occasion, as well as representatives of media, embassies, international organizations, think tanks, universities, private companies, and the U.S. government.
At the launch event, Ms. Natasha Despotovich, its Executive Director in the USA, represented the Global Foundation while Mr. Frederic Emam-Zadé, FUNGLODE's Director for Economic Development, served as its representative for research and policy design.
Global Foundation for Democracy and Development and its sister organization Fundación Global Democracia y Desarrollo are strongly interested in the design and implementation of public policies that would mainstream remittances and optimize their use for the benefit of Dominicans in the Dominican Republic and abroad. Being at the intersection of finance and development, remittances are a powerful, still under-exploited tool for personal, professional and overall social development of Dominican communities and its members, on both sides of the borders.
The total amount of remittances sent by the Latin American community in the USA in the year 2003 equals $38 billion, where Dominican diaspora remittances represent around $2 billion.