The remittances are going to continue from the United States, so says St Vincent’s Prime Minister, Ralph Gonsalves, while speaking on NBC radio on Wednesday.
St Vincent and the Grenadines, along with other Caribbean nations, are preparing for the impending deportations from the United States, which will not only see individuals convicted of criminal offences but also those residing in North America returning without the necessary documentation.
Gonsalves said most Vincentians in the United States have their status.
”Most people in the United States from Saint Vincent and the Grenadines have their status. They are either citizens, hold a green card, or are legitimately present in the United States in one way or another.”
”They will continue to send remittances home to their families. Many of them will also strive to build a home here for their retirement. And it is the same for those in Canada and Britain. Therefore, I do not anticipate that the remittance issue will impact us”.
For many years, remittances have served as an essential foundation for Caribbean economies, acting as a vital support for the most disadvantaged families and significantly enhancing the financial stability of the region’s middle classes. In 2024, the region garnered US$18.4 billion in remittances, reflecting a two percent increase, akin to the growth noted in 2023.
In 2023, St. Vincent garnered 71.4 million U.S. dollars, reflecting a decrease from the 88.63 million U.S. dollars recorded in 2022. From 1986 to 2023, the historical average for Saint Vincent and the Grenadines stands at 33.46 million U.S. dollars. 1992 saw the lowest value of 2.04 million U.S. dollars, while 2022 saw the highest value of 88.63 million U.S. dollars.