ratha

Ratha, manager of the Bank's Migrations and Remittances unit, says a government should view its diaspora like "an untapped pool of oil. "

"Financial help in the form of remittances from family members is always the first to arrive in times of distress, " says Ratha.

Such remittances are important, says Dilip Ratha of the World Bank, but it is not enough to tap the income of migrants abroad.

Mr Ratha said the trend was especially notable among skilled workers, such as doctors, nurses and information technology specialists.

Ratha recently urged the Philippines, Kenya, Pakistan, and Ghana to offer diaspora bonds to its overseas workers.

Around the world, doctors, nurses, care-givers, in particular, are in demand and unlikely to lose their jobs, says Ratha.

Drawing on household surveys, Ratha says the report shows remittances have led to reduced poverty levels in low income countries.

Ratha says requests for data and projections on remittances have "skyrocketed" in the last three months.

The decline is assumed to be even larger in Russia, Malaysia, and the Gulf countries, says Ratha.

"They tend to be counter-cyclical, " says Mr Ratha.

"There is urgent need to reassess regulations for remittances through mobile phones and mitigate the operational risks, " Ratha said.

"For the migrant, the act of remitting is the goal, " says Ratha.

Labor law changes are already happening, ' says Ratha.

The bond creates a "win-win" situation for sellers and buyers, Ratha says.

I'll make sure Dr. Ratha returns your call as soon as possible.

Ratha says developing countries could tap this relatively stable population, which often has a higher income than their home country's GDP.

Ratha has urged developing countries to tap the wealth of their overseas diasporas by issuing diaspora bonds.