Int’l Day of Family Remittances being observed worldwide

Kathmandu, June 17: The International Day of Family Remittances (IDFR) is being observed around the world, including in Nepal, through various programmes recognizing the contributions of migrant workers to their families, communities and national economies.

Observed annually on June 16 and recognized by the United Nations General Assembly, the Day honours more than 200 million migrant workers whose remittances support household livelihoods and contribute significantly to economic development worldwide.

This year’s observance has highlighted the importance of remittances beyond household consumption, encouraging their mobilization for rural entrepreneurship, employment generation and local economic transformation.

According to the United Nations, remittances support around 800 million family members globally. Over the past decade, migrant workers have sent an estimated USD 5 trillion to low- and middle-income countries-an amount that exceeds official development assistance and is comparable to foreign direct investment inflows. More than one-third of these transfers are estimated to have reached rural communities.

Currently, low- and middle-income countries receive around USD 700 billion in remittances annually, with an additional USD 4.4 trillion projected to flow into these economies by 2030.

Global statistics show that remittances account for at least three percent of gross domestic product (GDP) in more than 80 countries, while in 30 countries the remittance-to-GDP ratio exceeds 10 percent, underscoring their growing role in driving socio-economic transformation.

In Nepal, remittances are estimated to equal 33.02 percent of GDP in the ongoing fiscal year 2025/26, up from 27.80 percent in the previous fiscal year, according to the latest Economic Survey. This marks the highest remittance-to-GDP ratio recorded in the country to date.

Against this backdrop, the IDFR calls on governments and the private sector to expand affordable remittance services, strengthen financial inclusion and promote investment opportunities that channel remittance income into long-term economic growth, entrepreneurship and employment creation. —