The United Nations(UN)’s International Day of Family Remittances(IDFR) is annually observed across the globe on 16th June to recognise more than 200 million migrant workers across the globe who provide financial support to around 800 million family members.
- The day highlights the resolve of the migrant workers in facing economic insecurity, environmental and climate-related tragedies, and a worldwide pandemic.
International Fund for Agricultural Development (IFAD), a specialized agency of the United Nations has developed the IDFR.
The first celebration of the International Day of Family Remittances observed in 2015 aimed at recognizing and raising awareness of the critical contribution and support that migrants provide for their families back home.
- The IDFR is a key initiative in the Global Compact for Safe, Orderly and Regular Migration(Objective 20), adopted in December 2018, which urges the reduction of transfer costs and greater financial inclusion through remittances.
As a part of the IDFR 2021, The International Fund for Agricultural Development (IFAD) along with the Permanent Missions of the Philippines and Guatemala to the United Nations hosted a virtual event on Recovery and Resilience through Digital and Financial Inclusion.
Importance of remittances:
i.Remittances, also known as ‘cross-border person-to-person remittances of relatively small value’, act as a vital lifeline of the developing world.
ii.The World Bank Report titled “Resilience COVID-19 Crisis Through a Migration Lens: Migration and Development Brief 34” reveals a drop in remittances 1.6 per cent in 2020, to 540 billion USD from 548 Billion USD in 2019.
About International Fund for Agricultural Development (IFAD):
International Fund for Agricultural Development (IFAD) is the United Nations’ food and agriculture hub.
President– Gilbert F. Houngbo
Headquarters– Rome, Italy