Remittances Current Affairs - 2019

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World Bank’s Migration and Development Brief

As per the report of the World Bank’s Migration and Development Brief, India has retained its position as the world’s top recipient of remittances (money sent back home by its nationals working abroad) in 2018.

World Bank Report on Remittances

  • Indian diaspora has sent $79 billion (approximately Rs 5.5 lakh crore) home.
  • The Remittances grew by more than 14% in India.
  • A flooding disaster in Kerala has likely boosted the financial help that migrants sent to families.
  • India received $ 62.7 billion remittances in 2016 and it was $65.3 billion in 2017.
  • India was followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion) and Egypt ($29 billion),
  • Remittances to low-and-middle-income countries rose 9.6% from 2017 and touched a record high of $529 billion in 2018.
  • Global remittances reached $689 billion in 2018, up from $633 billion in 2017.
  • Remittances to South Asia grew 12% to $131 billion in 2018.
  • The upsurge in remittances was driven by stronger economic conditions in the United States.
  • The pick-up in oil prices had a positive impact on outward remittances from some GCC [Gulf Cooperation Council] countries.
  • Excluding China, remittances to low and middle-income countries ($462 billion) were significantly larger than foreign direct investment flows in 2018 ($344 billion).

Gulf Cooperation Council

Gulf Cooperation Council is s a regional intergovernmental political and economic union consisting of all Arab states of the Persian Gulf except Iraq. Its member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

Month: Categories: Business, Economy & BankingUPSC

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June 16: International Day of Family Remittances

The International Day of Family Remittances (IDFR) is observed every year on 16 June across the world. It is aimed at recognizing significant financial contribution migrant workers make to wellbeing of their families back home and to sustainable development of their countries of origin. It is also aimed at encouraging public and private sectors, as well as civil society, to do more together and collaborate to maximize impact of remittances in developing world.

Remittance

Remittance is a transfer of money by foreign worker to individual or family in their home country. It competes with international aid as one of the largest financial inflows to developing countries.

Background

The IDFR was unanimously proclaimed by all 176 member states of International Fund for Agricultural Development (IFAD)’s Governing Council at its 38th session in February 2015. Later it was adopted by United Nations General Assembly (UNGA) in June 2018 through resolution A/72/L.56. The first IDFR was celebrated on 16 June 2015. Observance of this day recognizes efforts of migrant workers globally, but also to strengthen current partnerships and create new synergies among sectors to promote development impact of remittances worldwide.

International Fund for Agricultural Development (IFAD)

IFAD is international financial institution and specialised agency of UN dedicated to eradicating poverty and hunger in rural areas of developing countries. It was established in 1977 as one of the major outcomes of 1974 World Food Conference. Its headquarters is in Rome, Italy. It is member of UN Development Group.

Month: Categories: International

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