June 15, 2023 /Security/ — The International Day of Family Remittances is a day celebrated every year on June 16 to highlight the importance of remittances to families and communities around the world. Remittances are the money that migrants send back to their families in their home countries. They are a vital source of income for millions of families, and they can have a significant impact on the economies of developing countries.

The International Day of Family Remittances was proclaimed by the United Nations General Assembly in 2018. The day is aimed at migrants because they are the ones who send remittances. Migrants often send money back to their families to help them with basic needs such as food, shelter, and education. Remittances can also help to boost the economies of developing countries by stimulating local businesses and creating jobs.

According to the World Bank, remittances reached a record high of $548 billion in 2021. This means that remittances are now more than official development assistance (ODA). ODA is the money that governments give to developing countries to help them with their development needs.

The International Day of Family Remittances is an opportunity to celebrate the contributions of migrants and to raise awareness of the importance of remittances. It is also an opportunity to call for policies that make it easier for migrants to send money home.

Here are some of the benefits of remittances for families and communities:

• Reduce poverty: Remittances can help to reduce poverty by providing families with a steady source of income.
• Improve education: Remittances can help to improve education by providing families with the money they need to send their children to school.
• Create jobs: Remittances can help to create jobs by stimulating local businesses.
• Boost economies: Remittances can boost the economies of developing countries by increasing demand for goods and services.

The International Day of Family Remittances is an important day to remember the contributions of migrants and the importance of remittances. It is also an opportunity to call for policies that make it easier for migrants to send money home.