International Day of Family Remittances 2022: Theme, History and Significance
INTERNATIONAL DAY OF FAMILY REMITTANCES 2022: To recognise over 200 million migrant workers including men and women, who send money home to more than 800 million family members, every year on June 16, the International Day of Family Remittances (IDFR) is observed. This important day also highlights the great resilience of migrant workers during economic insecurities, natural and climate-related disasters and a global pandemic.
The day observes the efforts of the migrant workers who help to improve the living standards of their families back at home. IDFR also celebrates the hope that they have created for the future to come. According to United Nations, the remittance flow has increased five-fold over the past twenty years.
International Day of Family Remittances 2022: Theme
Every year, the day is observed under some or the other theme, but this year the United Nations is continuing last year’s theme which is ‘Recovery and resilience through digital and financial inclusion.’ This theme was selected as earlier it was expected that the coronavirus would affect the family remittances. However, the resilience in the remittance flows was underestimated, and as per the UN in 2020, when the pandemic hit the world, only a drop of 1.6 per cent was witnessed in the remittances.
International Day of Family Remittances: History
In February 2015 the International Day of Family Remittances was unanimously proclaimed by all 176 members of the International Fund For Agricultural Development (IFAD). The day is globally recognised and is considered a key initiative in the Global Compact for Safe Orderly and Regular Migration, which urges the reduction of transfer costs and greater financial inclusion through remittances.
International Day of Family Remittances: Significance
The IDFR is a crucial reminder of the fact that these remittances fulfill the basic needs of several households. As per the UN, $200 to $300 a month is considered an average remittance for families of many migrant workers. The UN also mentions that the adoption of digital technology by migrant workers was one of the catalysts of remittances back in 2020.