Int'l Day Of Family Remittances To Be Marked Tomorrow

ISLAMABAD, (UrduPoint / Pakistan Point News - 15th Jun, 2021 ) :The International Day of Family Remittances will be marked on June 16 (Wednesday) across the globe including Pakistan to recognize the critical contributions of migrants to supporting their families.

Family remittances have an enormous impact in developing countries.

Family remittances are money transfers made by people living abroad to family members in their home country. These transfers have an enormous impact in developing countries as one of the largest financial inflows, competing only with international aid.

The UN Governing Council proclaimed June 16 International Day of Family Remittances during a session in Rome in February 2015.

More than 500 billion US Dollars are transferred every year between family members across country borders worldwide, according to UN estimates. These remittances provide opportunities for education, food, health, and housing for the recipients.

Signs advertising money transfer companies are visible on streets all over the world, from cosmopolitan cities to small, rural villages in addition to a large number of online transfer services.

The UN resolution recognizes the critical contributions of migrants in supporting their families living in fragile states and during times of crisis.