International Day of Family Remittances is an annual event held on June 16th to honor the contributions of migrant workers and their financial support for their families and communities back home. This day was established by the United Nations General Assembly in 2018 to highlight the important role of remittances, which are the money transfers sent by migrant workers to their families.Remittances are a vital source of income for many developing countries, often exceeding official development assistance and foreign direct investment. They contribute to poverty alleviation, improved access to healthcare and education, and economic development in the countries they serve. The International Day of Family Remittances seeks to raise awareness about the impact of remittances while also encouraging policies and initiatives that promote safe, affordable, and inclusive remittance channels.
What is the International Day of Family Remittances?
International Day of Family Remittances is an annual observance celebrated on June 16th to recognize the contribution of migrant workers and their financial support to their families and communities back home.
When was the International Day of Family Remittances established?
The International Day of Family Remittances was established by the United Nations General Assembly in 2018.
What is the purpose of the International Day of Family Remittances?
The purpose of International Day of Family Remittances is to highlight the important role of remittances, which are the money transfers sent by migrant workers to their families. It aims to raise awareness of the impact of remittances and encourage policies and initiatives that support safe, affordable, and inclusive remittance channels.
How important are remittances for developing countries?
Remittances are a vital source of income for many developing countries, often exceeding official development assistance and foreign direct investment. They help alleviate poverty, improve access to healthcare and education, and foster economic development in recipient countries.
What does the International Day of Family Remittances celebrate?
International Day of Family Remittances celebrates the resilience and determination of migrant workers and their families, who often make significant sacrifices to support their loved ones and contribute to the global economy.
When is the International Day of Family Remittances celebrated?
The International Day of Family Remittances is celebrated annually on June 16th.
Who established the International Day of Family Remittances?
The International Day of Family Remittances was established by the United Nations General Assembly in 2018.
What is the significance of remittances for developing countries?
Remittances are a vital source of income for many developing countries, often exceeding official development assistance and foreign direct investment. They help alleviate poverty, improve access to healthcare and education, and foster economic development in recipient countries.
How do remittances contribute to the global economy?
Remittances sent by migrant workers to their families and communities back home contribute to the global economy by supporting economic development and growth in recipient countries.
What are the challenges faced by migrant workers in sending remittances?
Migrant workers often face challenges in sending remittances, such as high transaction fees, a lack of access to formal financial services, and regulatory barriers. The International Day of Family Remittances aims to encourage policies and initiatives that support safe, affordable, and inclusive remittance channels.
How does the International Day of Family Remittances recognize the contributions of migrant workers?
International Day of Family Remittances recognizes the resilience, determination, and significant sacrifices made by migrant workers and their families to support their loved ones and contribute to the global economy.
What is the role of the international community in supporting remittances?
The international community plays a role in supporting remittances through policies, initiatives, and partnerships that promote safe, affordable, and inclusive remittance channels, as well as in recognizing the important contributions of migrant workers and their families.
