International Day of Family Remittances : The International Day of Family Remittances is observed on June 16. The day holds greater significance as the IDFR values the immense contribution of over 200 million migrant workers including men and women who consolidate the economy by sending money back home to over 800 million family members. IDFR is a globally recognized identity which the United Nations General Assembly has adopted.
The dedication, hard work and contribution of the migrant workers is immensely valued in the wake of global pandemic, natural disasters as well as economic insecurities.
International Day of Family Remittances
The first International Day of Family Remittances was observed on June 16, 2015 by the United Nations General Assembly. Across the world, approximately 3.4% of the population is considered to be that of international migrants who contribute roughly 9.4% of global GDP. All the 176 IFAD Member States in February 2015 have unanimously proclaimed the same where financial institutions, governments, development bodies and regulators have given the day its due recognition.
It is true that diasporas constitute a healthy economy by creating a happy society. The percentage of these migrant workers sending money back home to developing countries differs based on the specific areas of the world as it varies between 60 and 95 percent. If the latest data from the World Bank is to be considered, then the cash flow is of USD 529 billion yearly.
Thanks to the immense progress which the migrant workers have registered in the development, their contribution has been well appreciated by the international community.
Therefore, IDFR values the financial contribution which over 250 million migrant workers have created in international development. In order to facilitate workers, the International Organization for Migration has created cheaper as well as accessible remittances across the globe so as to contribute further in the development process.
The day facilitates the courage of migrant workers who leave the comfort of homes and travel hundreds or thousands of kilometers in difficult times.
The IDFR has attained a global recognition which works towards creating a positive and pleasant scenario for the workers in the form of lower transfer costs. This step increases financial inclusion through remittances.
Remittances are a relatively important and valued way of providing an essential lifeline for the developing world. Although single remittances have a very low value significantly, yet it is also true that the requirements of many households are accomplished through remittances. One of the most profound ways has always been through promoting skill development and finding scenarios through education and business.
The United Nations through IDFR seeks to make people aware about impact remittances as it affects millions of households and regions
IDFR also advocates for increasing the contributions by searching for ways that can significantly create an increasing impact through remittances.
Around 258 million people are considered to be migrant workers who reside in another country than their origin and the money which they send constitute roughly between US$200 and US$300 various times in a year. Let’s take due care about the needs of these workers who are changing the economy of the world for better.
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