OBJECTIVE 20 - REMITTANCES

Remittances are usually understood as the money that migrants send back to families and friends in their communities of origin. They are private funds and thus not to replace public development assistance, but they are a crucial aspect of migrants’ financial contribution to their countries of origin and a vital source of income for millions of individuals and families across the world.

Steady flows of remittances promote the financial inclusion of households, as the productive use of these funds positively impact local communities through savings, investments, and job creation.

Social and financial remittances can also be channelled into resilience-building activities in communities fragile to climate change impacts. Remittances can fund greener economies and provide life-saving resources for vulnerable families and communities.

Remittances are key tools for families to mitigate poverty, but cutting remittance costs and channeling into productive sectors requires equal access to new technologies, financial services and financial literary training.

Migrants and diaspora can contribute to making more equal societies through their remittances.

Which SDG targets are connected to this objetive?

Explore the interrelations between the 2030 Agenda and migration

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1.4: By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership and control over land and other forms of property, inheritance, natural resources, appropriate new technology and financial services, including microfinance

 

 

 

 

 

 

8.10: Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all

 

 

 

10.7: Facilitate orderly, safe, regular and responsible migration and mobility of people, including through the implementation of planned and well-managed migration policies.

10.C: By 2030, reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per cent

 

 

 

 

 

 

 

17.3: Mobilize additional financial resources for developing countries from multiple sources

17.17: Encourage and promote effective public, public-private and civil society partnerships, building on the experience and resourcing strategies of partnerships

17.18 By 2020, enhance capacity-building support to developing countries, including for least developed countries and small island developing States, to increase significantly the availability of high-quality, timely and reliable data disaggregated by income, gender, age, race, ethnicity, migratory status, disability, geographic location and other characteristics relevant in national context

How is each target measured concretely?

Indicators demonstrate the ways we can measure our advancement towards the SDGs with real data. Click HERE to see the indicators for this GCM objective.