The International Day of Family Remittances (IDFR) is recognised annually on 16 June to highlight the significant contributions of migrant workers who financially support their families and community in their country of origin.
Remittances refers to the money that is transferred by migrant workers to their native countries with the aim to contribute towards economic development.
The financial support provided by migrant workers plays a critical role in the overall development of the country by reducing poverty, improving education, supporting healthcare, enhancing economic growth, and more.
The International Day of Family Remittances is observed to educate and aware people about the unselfish contributions of migrant workers in the development of their native country. The day signifies the sacrifices of people working abroad. It encourages the use of safe and official channels for remittances to ensure that the money is received by the intended people safely.
What Is the Theme of International Day of Family Remittances 2023?
According to the United Nations, the theme of International Day of Family Remittances 2023 is "Digital remittances towards financial inclusion and cost reduction."
History of International Day of Family Remittances
The history of International Day of Family Remittances dates back to 2008.
The International Fund for Agricultural Development (IFAD) and the World Bank together marked the first-ever International Day of Family Remittances on 16 June 2008, with the aim of highlighting the role of migrant workers and that of their remittances in improving the economy of developing countries.
On 16 June 2009, IFAD and the World Bank again organised International Day of Family Remittances event in Brussels, Belgium.
Different financial organisations, policymakers, and other stakeholders, participated in the event, and discussed the positive impact of remittances on the economic development of countries worldwide.
The day received global recognition and support by various organisations and finally on 16 June 2015, the United Nations General Assembly passed a resolution and declared 16 June as official International Day of Family Remittances.
Significance of International Day of Family Remittances
International Day of Family Remittances advocates policies and measures to increase financial inclusions and creates an environment to enhance the remittance benefits for both the migrant workers and their families.
The day highlights the tenacity, devotion, and love displayed by migrant workers who support their families from abroad.
According to United Nations, "The Day recognises the contribution of over 200 million migrants to improve the lives of their 800 million family members back home, and to create a future of hope for their children. Half of these flows go to rural areas, where poverty and hunger are concentrated, and where remittances count the most."
International Day of Family Remittances Celebration
According to United Nations, "The IDFR 2023-24 campaign focuses on promoting digital technologies to enhance financial inclusion in LMICs, and to work towards achieving the cost reduction target of 3% as mentioned in SDG 10.c.
The IDFR and the United Nations commend the determination and resilience of the human spirit as evidenced by migrant workers. Further, the UN calls for governments, the private sector, development organizations and the civil society to promote digital and financial solutions for remittances that foster greater social and economic resilience and inclusion, as per United Nations.
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