Ny sideInternational remittances: research insights on the development potential and challenges for migrants, families and countries of origin
Date: Thursday 13 June 2024, 15:00-16:30 CEST (90 min)
Location: Virtual on Zoom
International remittances sent home by migrants are widely acknowledged as a lifeline for families in countries of origin and as a driver of development. In 2023, remittances reached a global high with estimates at USD 860 billion, surpassing both official development assistance and, more recently, foreign direct investment. The actual magnitudes of international remittances are likely to be larger than available estimates that do not capture unrecorded flows through formal or informal channels.
These impressive figures do however mask continuing barriers and challenges for migrants, their families and countries of origin to fully leverage the benefits of international remittances. Transaction costs for sending remittances remain high and far above the Sustainable Development Goal 10 target of 3 percent. While digital technology, such as mobile money, increasingly offers more affordable options, access and usage of digital tech solutions remain contingent on a range of factors, such as age, gender, education, digital literacy, migration status, and the geographic location of remittance-senders and receivers, both in terms of the countries and the urban/rural settings in which they live.
Co-badged by IOM and Norad, this public virtual event is organized in the lead up to the International Day of Family Remittances (16 June 2024) with the objective of driving evidence-based reflections on the challenges and opportunities related to leveraging international remittances for the benefit of migrants, their families and countries of origin. After providing an overview of global trends of international remittances, the panel discussion will delve into specific patterns and remittances corridors in recognition of the various factors underpinning the sending and receiving of international remittances, including in terms of gender and geographies.
Agenda
Opening remarks: Ugochi Daniels, Deputy Director General for Operations, IOM
Welcome remarks: Gunvor Wittersø Skancke, Director, Department for Partnerships and Shared Prosperity, Norwegian Agency for Development Cooperation (Norad)
Presentation: Dr Marie McAuliffe, Head, Migration Research and Publications Division, and Chief Editor, World Migration Report series, IOM
Panel discussion with:
- Dr Marta Bivand Erdal, Research Professor in Migration Studies, Peace Research Institute Oslo Migration Centre
- Dr Kavita Datta, Professor of Development Geography, Queen Mary University of London
- Dr Linda Oucho, Executive Director, African Migration and Development Policy Centre
- Nasrat Sayed, Researcher, School of Business and Economics, Maastricht University
- Dr Navjot Sangwan, Lecturer in Economics, University of Greenwich
Closing remarks: Stein Erik Horjen, Senior Adviser, Department of Partnerships and Shared Prosperity, Norad