16 June 2020
On the International Day of Family Remittances, and in the midst of the COVID-19 pandemic, we recognize the determination of 200 million migrants who regularly send money home, and the 800 million family members living in communities throughout the developing world who depend on those resources.
Last year, remittances to low- and middle-income countries reached a record $554 billion – more than three times the amount of official development assistance and surpassing the level of foreign direct investment.
Yet this year, the World Bank projects that remittances will fall by about 20 per cent, or $110 billion, causing hunger, lost schooling and deteriorating health for tens of millions of families, with an especially heavy impact on women and girls. Several nations and organizations have issued a call to action to "keep remittances flowing", urging policymakers to declare remittance services as essential and facilitate the scaling up of digital remittance channels.
At this time of global crisis, I appeal to people everywhere to support migrants, who are among the engines of the global economy and make crucial contributions to well-being across the world.
I call on all stakeholders to take steps to reduce remittance transfer costs, provide financial services for migrants and their families – particularly in rural areas – and promote financial inclusion for a more secure and stable future. The Global Compact for Safe, Orderly and Regular Migration offers one key platform for action.
I am encouraged by wide-ranging support for the global campaign -- #FamilyRemittances2030: Building resilience in times of crisis.