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SUMMARY:International Day of Family Remittances (A/RES/72/281)
DTSTAMP:20221225T100226Z
SEQUENCE:0
UID:312-7-014e54df8e55db0ddedbc25b476240ab@moraga.se
ORGANIZER;CN="Julio Moraga":julio@moraga.se
DESCRIPTION:\n	(A/RES/72/281)\n\n\n\n	The International Day of Family Re
	mittances (IDFR) was adopted by the United Nations General Assembly and is
	 observed on 16 June. The IDFR recognizes more than 200 million migrant wo
	rkers\, women and men\, who send money home to over 800 million family mem
	bers. This day further highlights the great resilience of migrant workers 
	in the face of economic insecurities\, natural and climate related disaste
	rs and a global pandemic. The IDFR is now globally recognized and is a key
	 initiative in the Global Compact for Safe\, Orderly and Regular Migration
	 (Objective 20)\, which urges the reduction of transfer costs and greater 
	financial inclusion through remittances.\n\n\n\n	Remittances\, or “cross
	-border person-to-person payments of relatively small value\,” serve as 
	a vital lifeline to the developing world. Individual remittances may be of
	 ‘relatively small value\,’ but collectively these flows are three tim
	es greater than global official development assistance. Remittances underw
	rite many basic household needs and support skills formation and opportuni
	ties through education and entrepreneurship. These resources prove transfo
	rmational for both households and local communities\, enabling many famili
	es to achieve their ‘own SDGs.’\n\n\n\n	Remittance flows have increase
	d five-fold over the past twenty years\, serving in a counter-cyclical cap
	acity during economic downturns in recipient countries. COVID-19 has been 
	a formidable test for global remittances. However\, early forecasts of sha
	rp declines greatly underestimated the resilience in remittances flows. A 
	May 2021 report by the World Bank reveals a drop in remittances of only 1.
	6 per cent in 2020\, to US$ 540 billion from US$ 548 in 2019. In 2021\, re
	mittance flows grew even further\, reaching US$ 605 billion sent to low- a
	nd middle-income countries (World Bank\, 2022).\n\n\n\n	The resilience of 
	these flows is not surprising. Remittances are the financial side of the s
	ocial contract that binds migrants to their families back home. While thes
	e inflows total in the billions\, the number that matters the most to fami
	lies is the average remittance of US$200-US$300 a month.\n\n\n\n	Behaviora
	l shifts among migrants and the diaspora over the past year have further b
	olstered the resilience of remittances. Changes include an increased use o
	f savings to sustain remittances flows\, greater utilization of formal sen
	ding channels and more migrants sending money home for the first time. Loc
	al currency depreciation in recipient countries and increased government s
	upport for formal migrants in host countries during the pandemic have also
	 had an impact.\n\n\n\n	One of the greatest catalysts for formal remittanc
	es during 2020 and 2021 was the accelerated adoption of digital technology
	 by the migrant workers and their families. Both online and mobile digital
	ization have buoyed remittance flows during this challenging period and be
	yond. Mobile remittances alone increased 65 per cent during 2020 to US$ 12
	.7 billion (GSMA\, 2021). This change was hastened by lockdowns and social
	 distancing rules that spurred the move away from informal channels and th
	e use of cash for senders and recipients. Digitalization is less costly th
	an cash transfers and has reinforced the adoption of mobile money\, thereb
	y advancing the financial inclusion of migrants and their families.\n\n\n\
	n	The IDFR and the United Nations commend the determination and resilience
	 of the human spirit as evidenced by migrant workers. Further\, the UN cal
	ls for governments\, the private sector\, development organizations and ci
	vil society to promote digital and financial solutions for remittances tha
	t foster greater social and economic resilience and inclusion.\n\n
DTSTART;VALUE=DATE:20160616
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