Le Lézard
Classified in: Business
Subjects: FOR, POL, FVT

On International Day of Family Remittances, a reminder that 1 in 9 people globally are supported by funds sent home by migrant workers


ROME and NEW YORK, June 14, 2019 /PRNewswire/ -- Remittances from international migrant workers are expected to rise to over US$550 billion in 2019, Gilbert F. Houngbo, President of the International Fund for Agricultural Development (IFAD), stated today.

(PRNewsfoto/IFAD)

In a message released on the occasion of the United Nations' International Day of Family Remittances (IDFR), observed each 16 June, Houngbo noted that the money sent home by the world's 200 million migrant workers adds up to more than three times the level of official development assistance (ODA) and surpasses foreign direct investment (FDI). An impressive figure given that it corresponds to only 15 per cent of migrant workers' earnings, with 85 per cent remaining in host countries.

If current trends continue, it is projected that $8.5 trillion will be transferred in developing countries between 2015 and 2030. By then, it is estimated that over $2 trillion will have been saved or invested.

"Governments, regulators and the private sector have an important role to play in leveraging the effects of these flows and, in so doing, helping nearly one billion people to reach their own sustainable development goals by 2030," Houngbo added.

The crucial contribution of migrant workers has also been recognized in the Global Compact for Safe, Orderly and Regular Migration. Global efforts have also been underway to bring transfer costs closer to the 3 per cent target identified in SDG 10.

Linking these flows with financial services and, in the process, bringing millions of people into the financial sector, remains one of the greatest development opportunities that remittances offers.

"Over the past decade, IFAD has financed more than 60 projects aimed at leveraging the development impact of remittances in rural areas," said Paul Winters, IFAD Associate Vice-President, speaking at an event held today at UN Headquarters in New York recognizing the international day and its #FamilyRemittances2030 campaign.

"Providing better access to and use of remittances through rural financial institutions has had a positive impact in rural areas by bringing many unbanked recipients into the formal financial sector," he added.

"It is in these areas where remittances can help to make migration a choice rather than a necessity for many young people and future generations."

Contacts: Jessica Thomas, IFAD Communications ? j.thomas@ifad.org, +39-0654592215

About IFAD

SOURCE International Fund for Agricultural Development


These press releases may also interest you

at 21:49
Strong 9.4% Multisector growth YoY drove a 3.0% consolidated revenue expansion ?  Multisector revenue growth across all regions. Shares of Multisector up 2.4 p.p. YTD to 63.7% of total ?  Revenue expansion driven by fast-growing verticals:...

at 20:43
Ceres Global Ag Corp. ("Ceres" or the "Corporation") today announced its financial and operating results for the quarter ended September 30, 2019. All amounts are in U.S. currency unless otherwise noted. CEO Commentary"Q1 2020 marked a strong start...

at 20:18
Hagens Berman urges Cintas Corporation investors who have suffered losses to submit their losses now to learn if they qualify to recover their investment losses.  The firm has opened an investigation into Cintas and investors may have valuable...

at 20:02
TSX VENTURE COMPANIES CONIC METALS CORP. ("NKL")BULLETIN TYPE:  New Listing-SharesBULLETIN DATE: November 13, 2019 TSX Venture Tier 1 Company Effective at the opening, Friday, November 15, 2019 the shares of the Company will commence trading on TSX...

at 19:56
Adecoagro S.A. , a leading agro-industrial company in South America, announced today its results for the third quarter of 2019. Main highlights for the period: 3Q19 Adjusted EBITDA(3) was $93.5 million, marking a 17.4% increase year-over-year....

at 19:52
Hagens Berman urges iRhythm Technologies, Inc. investors who have suffered losses before Nov. 13, 2019 to submit their losses now to learn if they qualify to recover their investment losses.  The firm has opened an investigation into iRhythm and...



News published on 14 june 2019 at 19:30 and distributed by: