International Family Remittance Day 2022: International Day of Family Remittances (IDFR) is observed every year on 16 June to recognize over 200 million migrant workers, including men and women, who send money to over 80 crore family members. The momentous day also highlights the great resilience of migrant workers during economic insecurity, natural and climate-related disasters and a global pandemic.
The day observes the efforts of migrant workers who help improve the quality of life of their families at home. IDFR also celebrates the hope they have built for the future. According to the United Nations, remittance flows have increased five-fold in the last twenty years.
International Day of Family Remittance 2022: Theme
Every year, the day is celebrated under one or the other theme, but this year the United Nations continues with last year’s theme, which is ‘Recovery and Resilience through Digital and Financial Inclusion’. This topic was chosen as the first, it was expected that the coronavirus would affect the family remittances. However, the resilience in remittance flows was underestimated, and 2020 saw remittances drop by just 1.6 percent when the pandemic hit the world, according to the United Nations.
International Day of Family Remittances: History
In February 2015, International Family Despatch Day was declared unanimously by all 176 members of the International Fund for Agricultural Development (IFAD). The day is recognized globally and is considered a key initiative in the Global Compact for Safe, Orderly and Regular Migration, which urges reduction in remittance costs and greater financial inclusion through remittances.
International Day of Family Remittances: Significance
The IDFR is an important reminder of the fact that these remittances meet the basic needs of many families. According to the United Nations, $200 to $300 per month is considered the average remittance for the families of many migrant workers. The United Nations also noted that the adoption of digital technology by migrant workers was one of the catalysts for remittances in 2020.
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