The Haitian Diaspora sends approximately 2 billion dollars in remittances home to Haiti each year. This massive support from those who have left the country is what sustains the economy and permits families to go on with their lives despite the lack of jobs and opportunities in Haiti.
In addition to sending remittances, the diaspora can also consider funding a Sovereign Wealth Fund for Haiti which can be used to achieve certain national objectives such as the financing of a public education system or the building of a sanitation system. A similar fund has recently been initiated for Nigeria, allowing it so save its revenues from crude oil production for future generations. http://www.businessweek.com/news/2010-12-01/nigeria-s-cabinet-approves-sovereign-wealth-fund.html
After the earthquake of January 12, 2010, Haiti received pledges totaling 10 billion dollars from UN members willing to invest in its recovery. 10% of this pledge (1 billion dollars) can be set aside to establish the Sovereign Wealth Fund. Additional funds can be added by diaspora members willing to pledge a minimum of 365 dollars a year to sustain the Fund.
The Haitian Diaspora is estimated to be about 4 million people. Even if only 25% (1 million people) of the Diaspora could be persuaded to support the Sovereign Wealth Fund, they would be able to generate 365 million dollars a year. This amount is greater than the Haitian National Budget which in recent years has dwindled to merely 300 million dollars.
Another source of funding for the Sovereign Wealth Fund could come from the taxing of the 2 billion dollar remittances sent to Haiti by Diaspora members. A 10% tax would yield 200 million dollars of revenue which could be used to fund the Sovereign Wealth Fund.
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