This International Day of Family Remittances on 16th June identifies the crucial contributions of the migrants towards assisting their family members. Such remittance family members have been flexible along with resourcefulness in the face of challenging and difficult situations and changing settings. Moreover, the family remittances have been the money transfers made by the human beings staying overseas towards the family members in their home nation and these family remittances possess a huge impact on the developing nations since one of the biggest financial inflows, competing just with the worldwide assistance. This International Day of Family Remittances has been a day in respect to realizing the impact such contributions make upon the nations, societies, households along with whole regions.
The background of International Day of Family Remittances
- Such International Day of Family Remittances had been adopted by the United Nations General Assembly and has been observed on 16 June.
- Challenging forecasts of a sharp fall, the newest remittance figures disclose a drop of just 1.6 percent during 2020, towards US$ 540 billion from US$ 548 billion in 2019.
- On sixteenth June 2015, the first International Day of Family Remittances occurred in the Global Forum on Remittances and Development and this celebration had been a part of the World Expo in Milan in Italy.
- The United Nations called upon the International Fund for Agricultural Development for benefitting the observance of the International Day of Family Remittances and this day continues to occur each year on the sixteenth of June.
On 12th June 2018, the United Nations National Assembly adopted a declaration in regards to an International Day of Family Remittances.
The theme of the International Day of Family Remittances
- The theme of International Day of Family Remittances 2022 is ‘Families and Urbanization’ and has been to increase consciousness of the significance of family-friendly sustainable urban plans along with policies.
- This urbanization has been one of the significant megatrends shaping the world of human beings along with the goodness and life of family members globally.
- Such remittances hugely assist in improving the lives of the family members receiving them and this includes improving sanitation, housing, and education along with health.
- In many cases, the family members who get remittances have been living under the poverty line and on International Day of Family Remittances, the corporate sector bodies which transfer funds have been motivated in sending remittances for free.
The criticalities of International Day of Family Remittances
- In modern times, the International Day of Family Remittances has been internationally identified and has been a primary scheme at the Global Compact for Safe, Orderly, and Regular Migration that supports the minimization of transfer prices along with higher financial enclosure via remittances.
- This International Day of Family Remittances identifies more than two hundred migrant employees, men along with women who send money home to more than eight hundred members of families.
- The remittance flows have enhanced five-fold over the past twenty years and serve as a counter-cycling capability in the economic downturns in the beneficiary nations.
The prospect of the International Day of Family Remittances
- Such International Day of Family Remittances represents the huge spirit of the migrant employees in the face of nature along with climate-oriented disasters, economic insecurities, and the worldwide Covid-19 pandemic.
- The changes comprise higher usages of prescribed sending channels along with more migrants sending the money in regards to the first time and enhanced utilization of savings in maintaining flows of remittances or payments.
- The behavioral shifts among diaspora along with the migrants over the earlier years have strengthened the flexibility of the allowances.
- These remittances have been the financial side of the communal contract which binds the migrants to their family members back home.
The spirits of International Day of Family Remittances
- The United Nations along with the International Day of Family Remittances praised the spirit and determination of human strength as evidenced by the migrant employees.
- Such remittances endorse a lot of fundamental household requirements along with assistance skills scopes, formation via entrepreneurship, education and such resources prove transformation in respect to the households, domestic societies, allowing several family members in obtaining their personal sustainable development goals.