"Remittances can help rebuild the fabric of societies, spark economic development, and bring the stability necessary for a hopeful future."— Kanayo F. Nwanze, President of the International Fund for Agricultural Development
The International Day of Family Remittances (IDFR), celebrated on 16 June, is aimed at recognizing the significant financial contribution migrant workers make to the wellbeing of their families back home and to the sustainable development of their countries of origin. It is also aimed at encouraging the public and private sectors, as well as the civil society, to do more and collaborate to maximize the impact of these funds in the developing world.
The IDFR was unanimously proclaimed by all 176 member states of IFAD's Governing Council at its 38th session in February 2015, and it is currently being submitted to the attention of the United Nations General Assembly for formal endorsement and universal recognition.
Proclaiming an International Day of Family Remittances represents an invaluable opportunity not only to recognize the efforts of migrant workers globally, but also to strengthen current partnerships and create new synergies among sectors to promote the development impact of remittances worldwide.
International Day of Family Remittances
- Public-private partnerships to create a more favourable regulatory and market environment for remittance flows, particularly reaching the “last mile” of rural communities through financial access and inclusion;
- Private-sector initiatives to contribute to increased competition, lower transaction costs and provide innovative financial products to meet the needs of low-income families; and
- Civil society collaboration to identify a broader range of economic opportunities and share knowledge resulting in more options to improve the living standards of remittance families.
The first celebration of the UN-endorsed IDFR would take place in New York on 16 June 2017.
The first IDFR was celebrated on 16 June 2015 bymore than 400 policy-makers, private sector representatives and civil society leaders at the opening of the Fifth Global Forum on Remittances and Development in Milan. Patron of the first IDFR was Her Excellency Queen Máxima of the Netherlands in her capacity as United Nations Secretary-General's Special Advocate for Inclusive Finance for Development (UNSGSA). Kanayo F. Nwanze, IFAD President, and Enrico Morando, Italy's Economy and Finances Vice Minister also led the first celebration.
This year, over eighty money transfer operators have endorsed the International Day of Family Remittances and have committed to take concrete action to ensure that every hard-earned dollar, euro, pound, rouble, yen, dinar or naira sent home count for even more. Read their statements.