Celebrating the International Day of Family Remittances

Vinod Chandrashekhar Dixit
The International Day of Family Remittances was adopted by the United Nations General Assembly and is observed on 16 June. The IDFR recognizes more than 200 million migrant workers, women and men, who send money home to over 800 million family members. This day highlights the great resilience of migrant workers in the face of economic insecurities, natural and climate related disasters and a global pandemic. The first International Day of Family Remittances was celebrated in 2015. The day encourages the public sector and private sector countries to make policies for the betterment of migrants and encourage remittances.Remittances, or cross-border person-to-person payments of relatively small value, are vital to the developing world. Individual remittances may be of relatively small value, but overall these flows are three times larger than global official development assistance. The day also highlights the determination and resilience of the many migrant workers in the face of financial insecurities and natural as well as climate-related disasters. It mainly aims to focus on strengthening current partnerships among all sectors to promote the development impact of remittances across the world. It works to maximise the impact of remittances in the world. A remittance is money sent back home by a worker who works in a foreign land. This money that is sent back home by migrant workers is considered to be one of the largest financial inflows in developing countries.
Remittance families are typically both resourceful and resilient in the face of difficult circumstances and changing conditions. But COVID-19 is disrupting an entire system that directly involves 200 million migrant workers, half of them women, around the world and their 800 million family members back home.
Many general household requirements are met through remittances, which also encourage skill development and possibilities via education and business.The day is an important reminder of the fact that through these remittances, several basic needs of many households are fulfilled. IDFR also calls upon governments, private sector entities, and civil society, to find ways that can maximize the impact of contributions made in the form of remittances by individuals and collective actions. The rapid use of digital technologies by migrant workers and their families was one of the most powerful drivers of formal remittances. Because digitalization is less expensive than cash transfers, it has increased the use of mobile money, improving the financial participation of migrants and their families.Let us demonstrate the United Nations’ willingness to inspire people to work for improved living conditions and social progress for families all around the world.
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