We celebrate the International Day of Family Remittances (IDFR)!
A universally-recognized observance adopted by the United Nations General Assembly (A/RES/72/281) and celebrated every year on 16 June.
Every year, billions of dollars in remittances are sent by migrants to their families back home in every corner of the world.
While this money provides help for families who use it to cover basic needs and invest in their future, it also has a substantial economic impact on the region in the broader sense.
Driven by the volume of remittances and digital evolution, remittance markets have been fast-evolving over the last few years.
Meanwhile, the recognition of the contribution of over 200 million migrants in improving the lives of their 800 million family members back home is a fact.
They strive to create a future of hope for their children. A significant amount of these flows go to rural areas, where poverty and hunger are concentrated, and where such remittances count the most.
The United Nations aim to bring greater awareness of the impact of Family Remittances. Millions of households, communities, countries, and entire regions depend on them .
Migrant workers are vital contributors to both the places where they currently live and to their communities back home, having a ripple effect in about 40 sending and more than 125 receiving countries world-wide.
On 19 March 2020, the U.N. Secretary-General called for global solidarity in responding to the coronavirus crisis declaring, “remittances are a lifeline in the developing world – especially now.”
Strict limitations, lockdowns, and travel prohibitions enforced in the wake of COVID-19 decimate jobs and cut remittances.
- 270 million migrants sent $554 billion home to developing countries in 2019 – surpassing foreign direct investment flows for the first time and more than three times annual official development assistance, according to the World Bank.
“It is a matter of time before impoverished families are not able to afford to buy things anymore,” said Dilip Ratha, lead author of a World Bank study that estimated a staggering 20% fall – some $100 billion – in remittances to developing nations in 2020 and not returning to pre-pandemic levels for many years after that.
The remittances are a lifeline,” said Mr. de Vasconcelos, who works for the U.N.’s International Fund for Agricultural Development (IFAD).
“It’s an emergency right now.”
According to IFAD, one in nine people globally – some 800 million – benefitted from international remittances in 2019.
“Remittances are probably affecting a third, or maybe half of humanity.
This year, almost all regions are set to see a decrease.
Now it’s time for all of us to take action!
How we do that?
We always work hard to provide you with the best fees and rates that meet the security and safety standards of Western Union transfers.
In this way, we encourage you to use international money transfer platforms and reduce informal transactions. We are always here for you.
In case you need any assistance with your transfer, someone is always there for you! Just give a call every day, anytime here
800 100 2020 (free from landline) or (+30) 210 900 5000 from mobile.
Sources: un.org, westernunion.com, reuters.com