For the dean of the Faculty of Economics of the University of Cuenca, Rodrigo Mendieta, these resources are valuable because they represent an injection of foreign exchange for a shrinking economy, and because these serve to pay the daily expenses of the families that receive this money. Mendieta, who published the book “Remittances and regional economic disparities. Ecuadorian case,” says that the government should give greater importance to remittances because they represent a greater amount of money than foreign investment received by Ecuador. Also, incentives are needed for that money to be not only for consumption but also for investment.
Remittances from the United States reached USD1.46 billion in 2016, which represented 9.7% more than in 2015. From Spain remittances were USD 685.7 million, a 12% increase. In contrast, migrants living in Italy sent USD 157 million, a 7% more than in 2015.