International Day of Family Remittances

International Day of Family Remittances History

International Day of Family Remittances aims to recognize the crucial socio-economic contribution made by millions of migrant workers who send money home to their families. This day highlights the financial impact of these remittances, which provide essential support to migrants’ relatives, foster sustainable development in their home countries, and encourage inclusiveness. By commemorating this day, the international community seeks to acknowledge the resilience of these migrants and the importance of their efforts in bridging the economic gap between nations.

Established by the International Fund for Agricultural Development (IFAD) in 2015, International Day of Family Remittances supports the progress towards fulfilling the United Nations' Sustainable Development Goals (SDGs). This observance holds great importance for the United States, as it is home to a significant number of migrant workers from around the world. In 2019, approximately 45% of the world's remittance flow originated from the US, with over $148 billion being sent to various countries, making it the largest source of remittances worldwide. Migrants from Latin America, the Caribbean, Asia, and Africa contribute immensely to US economic growth while simultaneously supporting their families back home.

To observe International Day of Family Remittances in America, various institutions, including financial service providers, governments, and non-profit organizations, showcase their commitment to supporting migrant workers and their families. Efforts are made to enhance awareness about the importance of remittances, lower transaction costs, and develop innovative, inclusive financial services that cater to migrants' needs. International Day of Family Remittances takes place annually on June 16th, acting as a constant reminder of the vital role played by millions of immigrants in building stronger economies and promoting international development.

Facts about Family Remittances

• In countries such as Tonga, Kyrgyz Republic, and Haiti, remittances can make up more than a quarter of the GDP each year.
• Global remittances inflows are expected to grow by 2.0% in 2023.
• Family remittances are closely linked to migration patterns. The financial support provided through remittances can incentivize migration, as individuals seek better economic opportunities abroad to support their families back home.
• Family remittances have a direct impact on the lives of 1 billion people -- one out of seven individuals on earth. Added together, remittances are three times greater than Official Development Assistance and surpass Foreign Direct Investment - UN Secretary-General António Guterres

In the News and Trending in the US for International Day of Family Remittances

Top things to do in the US for this observance

• Watch the IFAD's 2020 International Day of Family Remittances video if you missed it.

References