International Day of Family Remittances 2020: Know the day's meaning and significance

International Day of Family Remittances 2020 aka IDFR is celebrated each year on June 16 across the world. The day is organised by the United Nations and is universally accepted. This day is celebrated to recognise the efforts of migrants who help to improve the lives of their family members back home. It is also created to observe the hope that they have created for the future to come. Read on to know more about the International day of family remittances meaning and International day of family remittances significance.

ALSO READ | All You Need To Know About The International Day Of Family Remittances

Meaning and significance of International Day of Family Remittances 2020

A remittance is money sent back home by a worker who works in a foreign land. This money that is sent back home by migrant workers is considered to be one of the largest financial inflows in developing countries. International Day of Family Remittances 2020 aims to recognise the efforts of such workers who help for the betterment of the lives of their loved ones back home.

ALSO READ | International Day Of Families 2020: Learn About Its History, Significance & Celebration

Earlier this year, the United Nations called in for global solidarity adding that remittances play a much important role now more than ever as the world fights financial problems during the COVID-19 pandemic. International Day of Family Remittances 2020 is an opportunity put forth by the United Nations to recognise the role of remittances in the well-being of millions of families. These remittances also help in the sustainable development of communities in developing countries.

The International Day of Family Remittances 2020 also aims to focus on strengthening current partnerships among all sectors to promote the development impact of remittances across the world. International Day of Family Remittances 2020 also works to maximise the impact of remittances in the world. The first International Day of Family Remittances was celebrated way back on June 16, 2015.

ALSO READ | Remittances To India Likely To Decline By 23 Pc In 2020 Due To COVID-19: World Bank

International Day of Family Remittances celebration

The International Day of Family Remittances 2020 encourages companies from the private and public sector to make policies to encourage remittances and betterment of migrants. One can be a part of global-level discussions on remittances and migrants. Furthermore, one can use hashtags like #FamilyRemittances and help to spread the message throughout social media. One can also take part in several online events that are held across platforms to help spread the message of family remittances.

Additionally, one can also pick their minds on how to bring this issue to the attention of a wider audience. One can share messages, graphics that can help share the importance of International Day of Family Remittances 2020. Even the United Nations tries to spread the message of International Day of Family Remittances 2020 each year among the global audience.

ALSO READ | World Bank: Global Remittances To Drop 20% Amid Coronavirus