International Day of Family Remittances

The Significance of Family Remittances

The International Day of Family Remittances, observed on June 16th, highlights the crucial role that migrant workers play in supporting their families and communities back home. Remittances, or the money sent back to families, have become a vital source of income for many households, particularly in developing countries. This day acknowledges the sacrifices made by migrant workers and the positive impact of their remittances on the lives of their loved ones.

The Economic Impact of Remittances

Remittances have a significant impact on the economies of both the sending and receiving countries. In 2020, global remittances reached $689 billion, with the majority flowing from developed countries to developing ones. These funds not only support individual families but also contribute to the overall economic development of the receiving countries. By recognizing the importance of family remittances, we can work towards creating a more inclusive and equitable global economy.

Celebrating the Unsung Heroes

The International Day of Family Remittances is an opportunity to celebrate the unsung heroes who work tirelessly to provide for their families. It's a day to acknowledge the challenges faced by migrant workers, including separation from their loved ones, cultural adjustments, and often, difficult working conditions. By honoring their contributions, we can raise awareness about the importance of protecting the rights of migrant workers and promoting their well-being.

The Genesis of the International Day

The International Day of Family Remittances was established by the International Fund for Agricultural Development (IFAD) in 2015. The day was chosen to coincide with the anniversary of the adoption of the Sustainable Development Goals (SDGs) by the United Nations General Assembly. The IFAD, in collaboration with other international organizations, governments, and civil society, aims to raise awareness about the importance of family remittances in achieving the SDGs, particularly Goal 8: Decent Work and Economic Growth.

The Role of IFAD in Promoting Remittances

As a specialized agency of the United Nations, IFAD has been at the forefront of promoting rural development and reducing poverty. The organization recognizes the critical role that remittances play in supporting rural communities and has been working to improve the efficiency, safety, and cost-effectiveness of remittance services. By supporting migrant workers and their families, IFAD aims to create a more inclusive and equitable global economy.

The Global Response to the International Day

The International Day of Family Remittances has gained widespread recognition and support from governments, international organizations, and civil society. The day is marked by events, campaigns, and initiatives that highlight the importance of family remittances and the need to protect the rights of migrant workers. By working together, we can create a more just and equitable world for all.

How to Celebrate the International Day

Celebrate the International Day of Family Remittances by:

• Organizing events and campaigns to raise awareness about the importance of family remittances
• Sharing stories and experiences of migrant workers and their families on social media using the hashtag #FamilyRemittancesDay
• Supporting organizations that work to protect the rights of migrant workers and promote their well-being
• Advocating for policies that promote the safety, efficiency, and cost-effectiveness of remittance services

Tips for Migrant Workers

If you're a migrant worker, here are some tips to make the most of your remittances:

• Research and compare remittance services to find the best option for you
• Consider using digital remittance services to reduce costs and increase efficiency
• Plan your finances carefully to ensure that your remittances have the greatest impact on your family's well-being

Resources for Further Learning

For more information on the International Day of Family Remittances and the importance of remittances, visit the IFAD website or explore resources from other organizations working on this issue.

Common Misconceptions about Remittances

• Myth: Remittances are a drain on the economy of the sending country. Reality: Remittances can have a positive impact on the economy of the sending country by increasing consumer spending and investment.
• Myth: Migrant workers are only motivated by self-interest. Reality: Many migrant workers make significant sacrifices to support their families and communities back home.
• Myth: Remittances are only used for consumption. Reality: Remittances can be used for investment, savings, and entrepreneurship, contributing to the economic development of the receiving country.