The International Organization for Migration (IOM) develops a study in Ukraine on the remittances from Ukrainians living outside the country. The study is funded by the Canadian Government and the key beneficiaries from the project will be: the National Bank of Ukraine, the State Statistics Service and the Ministry of Economic Development and Trade, who will use primary data to understand the nature and the level of Ukrainians’ savings abroad.

The IOM study develops over 18 months and its objective is to assist the Ukrainian government to develop policies to valorise the positive impacts of migration on the Ukrainian economy and society. The survey will look at indicators such as the numbers of Ukrainians working abroad, the size of their households, their consumption and savings habits, and remittance flows into Ukraine. The study will also investigate how frequently migrants send money home, the channels that they use, and the socio-economic impact of remittances on households and the economy in general.

According to the National Bank of Ukraine, remittances transferred to Ukraine in 2012 amounted to USD 7.5 billion or 4% of the country’s GDP. Of this, USD 4.5 billion was sent home by labour migrants. “Ukrainian migrants are the biggest investors in Ukraine. Their remittances far exceed direct foreign investment. With this research project, IOM wants to explore new ways for Ukrainian migrants, their families, local communities and the government to get more from these money transfers.”, says IOM Ukraine Chief of Mission Manfred Profazi.

Source: http://www.iom.int/cms/en/sites/iom/home/news-and-views/press-briefing-notes/pbn-2013/pbn-listing/canada-funds-iom-study-on-develo.html