Kampala — Private capital remittances to Uganda are estimated to have reached $1.078b (Shs3.632 trillion) in 2016 up from $1.049b (about Shs3.631 trillion) in 2015, records from the World Bank have revealed. This is despite slowdown in developing countries for the second consecutive year. Statistics by the World Bank on migrant inflows also shows that Uganda received an estimated $887 million in 2014 compared to $914 in million 2013. Globally, the World Bank said recently in Washington DC, that remittance flows to Sub-Saharan Africa declined by an estimated 6.1 per cent to $33 billion in 2016. The declineThe World Bank estimates that officially recorded remittances to developing countries amounted to $429 billion in 2016, a decline of 2.4 per cent from $440 billion in 2015.

Source: The North Africa Journal May 07, 2017 22:07 UTC