International Day of Family Remittances


International Day of Family Remittances : International Day of Family Remittances is observed on 16 June. The day assumes greater significance as IDFR recognizes the immense contribution of over 200 million migrant workers, including men and women, to strengthen the economy by sending money back home to over 800 million family members. The IDFR is a globally recognized identity adopted by the United Nations General Assembly.

The dedication, hard work and contribution of migrant workers are given utmost importance in the wake of global pandemic, natural calamities as well as economic insecurity.

International Day of Family Remittances

International Day of Family Remittances

History

The first International Day of Family Remittances was observed by the United Nations General Assembly on 16 June 2015. Worldwide, about 3.4% of the population are considered international migrants, contributing approximately 9.4% of the global GDP. In February 2015 all 176 IFAD member states unanimously declared the same where financial institutions, governments, development bodies and regulators have given its due recognition to that day.

It is true that migrants build a healthy economy by building a happy society. The percentage of these migrant workers remitting money to developing countries varies depending on the specific regions of the world as it varies between 60 and 95 percent. If the latest data from the World Bank is considered, the cash flow is US$ 529 billion annually.

Thanks to the immense progress that migrant workers have made in development, their contribution has been appreciated by the international community.

Therefore, IDFR values ​​the financial contribution that over 250 million migrant workers have made to international development. To facilitate workers, the International Organization for Migration has created cheap and accessible remittances around the world to further contribute to the development process.

The day facilitates the courage of migrant workers who travel hundreds or even thousands of kilometers in difficult times, leaving the comfort of their homes.

IDFR has gained a global recognition which works towards creating a positive and pleasant scenario for the workers in the form of low relocation cost. This move enhances financial inclusion through remittances.

Importance

Remittances are a relatively important and valuable way of providing an essential lifeline to the developing world. Although the cost of a single remittance is quite low, it is also true that the needs of many families are met through remittances. One of the most profound ways has always been through promoting skill development and exploring the landscape through education and business.

Objective

The United Nations wants to make people aware of impact dispatch through IDFR as it affects millions of households and territories.

IDFR also advocates increasing contributions by exploring ways that can significantly enhance the growing impact through remittances.

About 258 million people are considered migrant workers who live in a country other than their origin and the money they remit is between US$200 and US$300 several times a year. Let’s take care of the needs of these workers who are changing the world economy for the better.

i hope you enjoy reading “International Day of Family Remittances”“History, Significance, Significance, Purpose” and found it beneficial. I hope you learned something new from this.

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