June 16: International Day of Family Remittances

The International Day of Family Remittances (IDFR) is observed every year on 16 June across the world. It is aimed at recognizing significant financial contribution migrant workers make to wellbeing of their families back home and to sustainable development of their countries of origin. It is also aimed at encouraging public and private sectors, as well as civil society, to do more together and collaborate to maximize impact of remittances in developing world.

Remittance
Remittance is a transfer of money by foreign worker to individual or family in their home country. It competes with international aid as one of the largest financial inflows to developing countries.

Background

The IDFR was unanimously proclaimed by all 176 member states of International Fund for Agricultural Development (IFAD)’s Governing Council at its 38th session in February 2015. Later it was adopted by United Nations General Assembly (UNGA) in June 2018 through resolution A/72/L.56. The first IDFR was celebrated on 16 June 2015. Observance of this day recognizes efforts of migrant workers globally, but also to strengthen current partnerships and create new synergies among sectors to promote development impact of remittances worldwide.

International Fund for Agricultural Development (IFAD)

IFAD is international financial institution and specialised agency of UN dedicated to eradicating poverty and hunger in rural areas of developing countries. It was established in 1977 as one of the major outcomes of 1974 World Food Conference. Its headquarters is in Rome, Italy. It is member of UN Development Group.

Month: Current Affairs - June, 2018