Much more than a ‘lifeline’ for millions of households, remittances can spur global growth, says UN agency

It is estimated that family remittances – the money sent back by migrant workers to their relatives – support 800 million people worldwide.

This article is brought to you in association with the United Nations.

Not only are remittances a “critical lifeline” for millions globally, the direct benefits of money sent home by migrant workers touch the lives of one in every seven persons on the planet – over one billion people, the United Nations rural development agency has said.

Remittances are vital for millions of families, helping them to address their own development goals, but we can help them do more and build their longer-term future,” said Gilbert Houngbo, the President of the International Fund for Agricultural Development (IFAD).

Last year, 200 million migrants sent $481 billion to remittances-reliant countries. Of this amount, $466 billion went to developing countries and there are estimates that between 2015 and 2030, remittances sent to developing countries could cross $6.5 trillion.

According to IFAD, after spending remittances on basic needs such as food, housing, education and health, a sizable amount – over $100 billion, still remains – presenting a large pool of resources, which can then be invested in financial and tangible assets such as savings or small business development that help families build their future.

These productive activities can also create jobs and transform economies, in particular in rural areas, added IFAD.

“Given appropriate investment options, customized to their circumstances and goals, remittance families will invest more and become agents of change in their communities,” urged Mr. Houngbo.

The IFAD President’s call comes against the backdrop of the recent designation, by the UN General Assembly, of 16 June as the International Day of Family Remittances, originally created by the IFAD Governing Council.

Proclaiming the International Day, the General Assembly also recognized the “transformative impact” of remittances, including those from migrants, for the implementation of the Sustainable Development Goals and in supporting long term development strategies.






the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Eurozone: Negative statistics bring deflation and recession closer

Cyber defence: MEPs call for better European cooperation

Universal Health Coverage in the EU: Are we really leaving no one behind?

Costa Rica is one of the world’s happiest countries. Here’s what it does differently

Israeli security forces’ response to Gaza protests ‘a recipe for more bloodshed’, says UN expert

Drought in southern Africa: EU releases over €22 million in humanitarian aid

‘12 million’ stateless people globally, warns UNHCR chief in call to States for decisive action

Parliament cuts own spending to facilitate agreement on EU budget

UN highlights profound implication of population trends on sustainable development

Who cares about the unity of Ukraine?

Antitrust: Commission fines Google €4.34 billion for illegal practices regarding Android mobile devices to strengthen dominance of Google’s search engine

Commission challenges Council over EU 2014 budget

5 lessons from China on how to drive sustainable growth

UN unveils global influenza strategy to prevent ‘real’ threat of pandemic

Mali peace process in a ‘critical phase’, says head of UN Mission

Service and sacrifice of African peacekeepers ‘at the forefront of our minds’: UN chief

EU adopts rebalancing measures in reaction to US steel and aluminium tariffs

Brexit update: Will the EU grant extention to Britain preventing economic chaos?

EU Parliament: The surplus countries must support growth

MEPs Anti-fraud votes for more votes?

More urgency needed to help increasing numbers ‘locked out’, before 2030, says UN’s Bachelet

UN updates guidelines to ensure successful return to civilian life for former combatants

International trade statistics: trends in third quarter 2019

Four in 10 indigenous languages at risk of disappearing, warn UN human rights experts

GSMA head urges regulators to help Europe regain leadership

Don’t underestimate the power of the fintech revolution

‘Unlock opportunities’ and pave the way for sustainable development, UN chief urges on World Population Day

Ukraine takes EU money and runs to sign with Russia

Can the Americans alone determine the future of Syria?

What keeps me up at night? Two strategists reply

A Sting Exclusive: “Delivering on the Environmental Dimension of the new Sustainable Development Agenda”, Ulf Björnholm underscores from UNEP Brussels

Mobile World Congress 2015 first to debate EU’s new stance on Net Neutrality and Roaming Charges

US Tariffs on Steel and Aluminium: Statement of Trade Committee Chair

Iraq: Security Council told ‘despair’ has ‘given way to hope’ but road to stability ‘long and far from easy’

Switzerland: prepare for population ageing to maintain high living standards

An introduction to ‘Eco-Medical Literacy’ and its importance in shaping expert medical professionals

How tiny countries top social and economic league tables (and win at football, too)

Promoting gender equality a ‘crucial contribution’ in effort to restore, protect our planet’s oceans

The Banking Union may lead to a Germanic Europe

GDP growth slows in most G20 economies in third quarter of 2019

Eurozone cannot endure any longer youth marginalisation

These are America’s most dangerous jobs

MWC 2016 LIVE: 5G to embrace unlicensed bands and Wi-Fi

Does Draghi have another ace up his sleeve given his Quantitative Easing failure?

The banks first to benefit from the new euro trillion ECB plans to print

South Asia can become an innovation hub. Here’s how

UN envoy says he ‘is ready to go to Idlib’ to help ensure civilian safety amid rising fears of government offensive

South Africa’s economy in 5 charts

In Tunisia, budding entrepreneurs can take a year off their job

Climate change is exacerbating hunger in some of the world’s poorest countries. And those most at risk are the least to blame

This Scottish forest is both a home for wildlife and a boost for the local economy

Germany readies to pay for the Brexit gap in EU finance

Almost all businesses expect to face a crisis. And how they deal with them really counts

Calculators didn’t replace mathematicians, and AI won’t replace humans

Syria: UN chief warns Idlib offensive may set off ‘humanitarian catastrophe’

US life expectancy is falling – here’s why

As Syria conflict enters ninth year, humanitarian crisis ‘far from over’, Security Council hears

Here are five tips to make your message clear in a crowded world

DR Congo: Ebola response resumes despite ‘risky environment’

UK keeps its Brexit plan secret or there is no strategy at all whatsoever?

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s