The International Monetary Fund (IMF) has revealed that migrant workers sent $647 billion back to their families in 2022.
However, the Fund said, the migrants face high fees when sending money to their families.
A migrant worker is a person who migrates within a home country or outside it to pursue work. Migrant workers usually do not have an intention to stay permanently in the country or region in which they work.
“Our Back to Basics video highlights how improved remittance regulation and reduced costs could expand access to finance,” the Bretton Woods Institution said on Monday, December 18, a day set aside to mark the World Migrant Day celebration.
On 18 December 1990, the General Assembly adopted a resolution on the International Convention on the Protection of the Rights of All Migrant Workers and Members of Their Families.
Migrant workers sent $647 billion back to their families in 2022. But they face high fees when sending money to their families. Our Back to Basics video highlights how improved remittance regulation and reduced costs could expand access to finance. pic.twitter.com/nS7Ue8vHA7
— IMF (@IMFNews) December 18, 2023
Each year on December 18, the United Nations, through the UN-related agency International Organization for Migration (IOM), uses International Migrants Day to highlight the contributions made by the roughly 272 million migrants, including more than 41 million internally displaced persons, and the challenges they face.
This global event, supported by events organized by IOM’s nearly 500 country offices and sub-offices as well as governmental, international and domestic civil society partners examines a wide range of migration themes, Social Cohesion, Dignity, Exploitation, Solidarity to advocate for migration guided by the principle that humane and orderly migration benefits migrants and society.
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