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International Day of Family Remittances

16 June, 2021

A remittance is a transfer of money, often by a foreign worker to an individual in their home country. Money sent home by migrants is one of the largest financial inflows to developing countries, especially with regard to labour-exporting countries. According to the World Bank, for example, in 2018, overall global remittance was US$689 billion, including US$528 billion to developing countries. Remittances help families afford food, healthcare, and basic needs. International Day of Family Remittances (IDFR) is to recognise the contribution of over 200 million migrants to improve the lives of their 800 million family members back home. Half of these flows go to rural areas, where poverty and hunger are concentrated, and where remittances count the most. The Day is also for governments, the private sector and civil society to maximize the impact of remittances through individual and collective actions. A key initiative is the Global Compact for Safe, Orderly and Regular Migration (Objective 20) for the reduction of remittance transfer costs, and greater financial inclusion through remittances.

 

 

Image: International Day of Family Remittances