International Day of Family Remittances observed

International Day of Family Remittances observed

Islamabad (Web Desk): The International Day of Family Remittances was observed across the world, including Pakistan on Friday.

Family Remittances day is observed to pay tribute to millions of migrant workers who send money home to their family members in the form of remittances.

This year’s observance theme focuses on the benefits that digital and financial inclusion bring when linked to remittances in helping remittance families achieve their own SDGs.

The International Day of Family Remittances (IDFR) is a universally-recognized observance adopted by the United Nations General Assembly (UNGA) and celebrated every year on 16 June.

As per the UN, the Day recognizes 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.

Through this observance, the UN aims to bring greater awareness of the impact that these contributions have on millions of households, but also on communities, countries, and entire regions.

The Day also calls upon governments, private sector entities, as well as the civil society, to find ways that can maximize the impact of remittances through individual, and/or collective actions.

The IDFR is now fully recognized at the global level, and included as one of the a key initiatives to implement the Global Compact for Safe, Orderly and Regular Migration (Objective 20), also calling for the reduction of remittance transfer costs, and greater financial inclusion through remittances.

The Day also promotes achievement of the Sustainable Development Goals (SDGs) and furthers the 2030 Agenda for Sustainable Development.