The UN’s International Fund for Agricultural Development (IFAD) recently celebrated the 10th anniversary of the International Day of Family Remittances.
This day highlights the importance of remittances in helping rural communities and reducing poverty. IFAD President Alvaro Lario stated that over 200 million migrant workers sent about US$685 billion in remittances in 2024, supporting 800 million family members back home.
In many developing countries, remittances often exceed official aid and foreign investments, reaching more than 10% of GDP in some places. Families that receive remittances tend to invest more in businesses and sustainable farming.
IFAD encourages the use of digital tools to reduce remittance costs by 3% by 2030, which could save up to US$20 billion annually. They also urge governments to support the contributions of migrants.
IFAD is dedicated to fighting poverty and hunger in rural areas of developing countries.
