Latest news with #InternationalDayofFamilyRemittances
CairoScene
20 hours ago
- Business
- CairoScene
Egypt Ranks 7th Globally in Remittance Inflows in 2024
Remittances to Egypt reach USD 22.7 billion amid digital reforms and policy shifts. Jun 18, 2025 Egypt has ranked seventh globally in remittance inflows for 2024, receiving a total of USD 22.7 billion, according to the Central Agency for Public Mobilization and Statistics (CAPMAS) in honour of the International Day of Family Remittances. The day was established by the UN General Assembly in 2018 to acknowledge the vital contributions of migrants to their families and home economies, particularly in rural and impoverished areas. This year's observance highlights the growing role of remittances in local development and climate resilience, emphasizing financial inclusion, digital infrastructure, cost reduction, and the integration of remittances into national development strategies. Around 75% of these transfers are spent on essential needs like food, healthcare, and education, with the remaining 25% directed toward investment, savings, or small business ventures. The 2024 International Migration Report noted that the global migrant population has reached 281 million, representing one in every 30 individuals. Since 2000, global remittance flows have increased sharply, rising from USD 128 billion to USD 831 billion in 2024. Over the past decade, remittances to low- and middle-income countries have surpassed USD 5 trillion, with projections reaching USD 4.4 trillion more by 2030. About one-third of this future sum is expected to benefit rural communities. In addition, a unified digital app is being developed to integrate services and incentives for Egyptians abroad, while housing units and land parcels continue to be made available to expatriates through official online platforms.
Indian Express
3 days ago
- Business
- Indian Express
International Day Of Family Remittances 2025: Know the date, theme, history and significance
Family remittances significantly and directly impact the lives of about 1 billion people, either as senders or receivers, according to the United Nations report. Recognising the significant contributions of migrant workers who send money home to better the lives of their families, the United Nations General Assembly recognises June 16 as the International Day of Family Remittances (IDFR), which will be observed on a Monday in 2025. To this day, the United Nations aims to promote awareness of the impact that these financial contributions have on millions of households, communities, countries, and regions. As part of its decade-long effort to emphasise the significance of remittances in attaining the SDGs, the IDFR 2025 campaign will focus on 'Remittances financing development.' According to the IDRF website, this year's campaign encourages a renewed and extended commitment to fully maximising remittances' influence on meeting the Sustainable Development Goals (SGDs) in Low- and Middle-Income Countries. It will emphasise how remittances help to fund development and will also identify critical goals that will have the greatest impact on household economic and climatic resilience and sustainable local development. On June 16, 2008, the International Fund for Agricultural Development (IFAD) and the World Bank commemorated the inaugural International Day of Family Remittances. The goal was to highlight the significance of low-wage workers and their effect on the wealth of emerging countries. The event brought together several financial institutions, policymakers, and stakeholders to debate the benefits of remittances for global economic development and drew support from a variety of different organisations. More than 1 billion people worldwide are involved with remittances, either as senders or receivers. Monday's #FamilyRemittances Day highlights the financial contribution of migrant workers to their families & communities back home. More from @IFAD: — United Nations (@UN) June 16, 2025
Express Tribune
3 days ago
- Business
- Express Tribune
PM hails overseas Pakistanis' contribution
Prime Minister Shehbaz Sharif has offered "heartfelt tribute" to overseas Pakistani, the remittances sent by whom reflect an enduring bond with their homeland — a bond of trust, commitment, and generational responsibility. In a statement issued at the International Day of Family Remittances, he said the government continues to work tirelessly to attract foreign direct investment and expand export base to ensure long-term economic stability. In this journey, he said, remittances have played a crucial role, significantly strengthening our foreign exchange reserves. According to the PM, remittances from overseas Pakistanis have always been a cornerstone of our national economy. "With over 9 million Pakistanis living abroad, mainly in the Gulf, Europe, North America, and elsewhere. "Our diaspora remains deeply connected to their roots. Their financial contributions are not only an expression of love and responsibility towards their families, but also a powerful pillar supporting Pakistan's economic resilience," he added. He noted that in the current fiscal year, overseas compatriots remitted a record $34.9 billion, marking a 28.8% increase compared to the previous year. In May 2025 alone, the country received $3.7 billion in remittances, reflecting a 13.7% increase over May of the previous year. "These historic figures are a testament not only to the hard work and loyalty of our diaspora but also to their growing confidence in the government's economic policies." He said this trust reinforces the government's resolve to redouble efforts for the revival and growth of our economy. "Let us renew our collective pledge to work hand in hand with our diaspora, development partners, and all stakeholders to overcome our economic challenges and usher in a new era of investment, prosperity, and national progress," he said.
