International Day Of Family Remittances 2025: Know the date, theme, history and significance
Recognising the significant contributions of migrant workers who send money home to better the lives of their families, the United Nations General Assembly recognises June 16 as the International Day of Family Remittances (IDFR), which will be observed on a Monday in 2025.
To this day, the United Nations aims to promote awareness of the impact that these financial contributions have on millions of households, communities, countries, and regions.
As part of its decade-long effort to emphasise the significance of remittances in attaining the SDGs, the IDFR 2025 campaign will focus on 'Remittances financing development.'
According to the IDRF website, this year's campaign encourages a renewed and extended commitment to fully maximising remittances' influence on meeting the Sustainable Development Goals (SGDs) in Low- and Middle-Income Countries.
It will emphasise how remittances help to fund development and will also identify critical goals that will have the greatest impact on household economic and climatic resilience and sustainable local development.
On June 16, 2008, the International Fund for Agricultural Development (IFAD) and the World Bank commemorated the inaugural International Day of Family Remittances.
The goal was to highlight the significance of low-wage workers and their effect on the wealth of emerging countries. The event brought together several financial institutions, policymakers, and stakeholders to debate the benefits of remittances for global economic development and drew support from a variety of different organisations.
More than 1 billion people worldwide are involved with remittances, either as senders or receivers.
Monday's #FamilyRemittances Day highlights the financial contribution of migrant workers to their families & communities back home.
More from @IFAD: https://t.co/kvAjjoCo5L pic.twitter.com/A8KatEvRzr
— United Nations (@UN) June 16, 2025
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Economic Times
11 hours ago
- Economic Times
A year after uprising, Bangladesh's youth struggle to find jobs
Synopsis Bangladesh faces a youth unemployment crisis after political upheaval. Quota reforms sparked protests, but job creation lags. Garment factory closures worsen the situation. The interim government plans training and seeks investment. US tariffs and aid cuts pose further threats. Experts urge support for existing businesses and focus on livelihoods. Private investment is crucial for job growth. AP Students clash with police during a protest over the allocation of government jobs, in Dhaka, Bangladesh A year after an uprising forced the Sheikh Hasina regime in Bangladesh out of power, challenges persist to address the severe lack of jobs among youth who took their grievances to the streets. The uprising, in which some 1,400 people were killed, according to the United Nations, was sparked by the issue of quota reservations in civil service recruitment tests. More than half of highly sought-after government jobs were reserved for certain designated groups, including women, disabled people and descendants of veterans of the 1971 War of Independence. The country's high court has since reduced the quota reservations to 7%. Since the interim government headed by Nobel laureate Muhammad Yunus took over, a broad agenda of reform has been drawn up, but experts say a lack of opportunities for the young workforce remains a problem. "Amid jobless growth faced by the country's youth, a fair chance at civil service recruitment tests became a rallying cry," said Tuhin Khan, a leading activist in the quota reform movement and the July uprising. "But since then, we have not seen enough meaningful focus from the government on the economic pressures faced by ordinary people as politics took center stage," he added. About 30% of Bangladeshi youth are neither employed nor in school or training, according to the International Labour Organization (ILO). Also, about 23% of young women are unemployed compared with 15% of young men - and last year's protests featured the wide participation of young women. Women in Bangladesh typically have limited opportunities for employment and career growth beyond a few sectors like government, non-governmental organizations and education. The protesters ranged from graduate students seeking government jobs to garment workers and balloon sellers, as segments of the urban poor demanded better, more dignified lives, said Maha Mirza, a researcher who teaches economics at Jahangirnagar University. But the creation of decent jobs depends upon jump-starting investment, which may have to wait for an elected government to be sworn in, said Rashed Al Mahmood Titumir, a professor of Development Studies at Dhaka University. "When we have a stable policy regime, there would be more investment, and that will bring in the much-needed jobs for young people, including graduates and women," he said. JOB LOSSES While the protest focused on government jobs, those can provide for only a small slice of the job market. Last year, about 18,000 government recruitments were available, yet more than 2 million young people enter the job market each year. One major employer of young people is the garment and textile sector, but a number of factories shut down due to political changeover, including more than a dozen factories owned by Beximco Group that employed 40,000 workers. Since the political shift, about 10,000 people have been arrested on various charges including corruption and even murder, and they include a number of business owners linked to the former ruling party. Jasim Uddin was a supervisor in a garment factory in the outskirts of Dhaka, but he has been jobless for months. "I had quit my earlier workplace as they were holding up the payment of wages. Since then, I went from door to door in search of a job," he said. Many factory owners affiliated with the earlier government feared arrest and went into hiding, resulting in plant closures, said Arman Hossain, a trade union activist from Gazipur. "We expected the government to appoint administrators who could temporarily operate those closed factories so that workers would not go jobless - but that did not happen," Hossain said. Additional challenges come from the global economy. The 35% tariff announced on Bangladesh's products by the United States, the largest buyer of the country's clothes, poses a threat to many of the four million workers in its garment industry. Meanwhile, the cutting of aid from the U.S. has left about 20,000 development workers in Bangladesh jobless, said aid agency Caritas. EFFORT AND RESULTS The interim government has announced training programs for young people and courted foreign investment to create jobs. Asif Mahmud Shojib Bhuyain, who heads the youth and sports ministry, has said the government had plans to create 500,000 new jobs for youth besides training 900,000 young people. At an investment summit in April, businesses from various countries shared investment proposals of about 31 billion taka ($255.35 million), the Bangladesh Investment Development Authority (BIDA) said. But the share of private investment in the economy has dropped from 24% last year to about 22.5% this year - although in actual numbers it saw a slight uptick from 11,985 billion Taka ($97.68 billion) to 12,484 billion Taka ($101.74 billion), said the Bangladesh Bureau of Statistics (BBS). Investment by the private sector depends upon how much confidence businesses have that the political regime is stable and business risks can be managed, Titumir said. Businesses that employ significant numbers of workers, especially the youth, need support, Mirza added. "You cannot create thousands of industries or millions of jobs right away, but you can make sure that businesses that provide jobs to workers keep running," she said. That could include reopening shuttered textile factories, ensuring the fair price of agricultural products for the country's 16.5 million farming families and providing targeted support to small and medium-sized industries like poultry breeding and light engineering, she said. "We just need a bit more attention to the livelihood crisis of ordinary people," she said.
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First Post
15 hours ago
- First Post
The countries worst hit by Trump tariffs: Is India on the list?
Donald Trump's trade war has just intensified. The US president has announced new tariffs — ranging from 10 per cent to 41 per cent for several countries. Among those who have been slapped with the steepest of taxes are Syria, followed by Laos, Myanmar and Switzerland. In separate announcements, he also increased Canada's tariff to 35 per cent. Where does India stand? read more US President Donald Trump has announced new tariffs on dozens of trading partners, his latest bid to reshape global trade in favour of US businesses. AP In the ongoing trade war that Trump has initiated since coming to power, the US president has ordered the re-imposition of tariffs on dozens of trading partners on Thursday (July 31) through an executive order. However, he's provided a small reprieve; these new tariff rates will come into effect in a week (August 7), not this Friday (August 1) as previously expected. Notably, Trump's order came just a few hours ahead of the United States' August 1 trade deadline — the day that Trump's so called 'Liberation Day' tariffs kicked in. STORY CONTINUES BELOW THIS AD Read the full list of countries hit by tariffs here His new tariffs ranging from as low as 10 per cent and going up as high as 41 per cent apply to 69 trading partners (68 nations + European Union). According to the order, any country not listed in an annexe would face a default US import tariff of 10 per cent. But which countries have been the hardest hit by Trump's new executive order? Syria Syria leads the list of worst-hit nations with a new rate of 41 per cent. This is quite high for any nation, but especially one like Syria, which is struggling to recover from its recently-ended 14-year civil war. What is notable, however, is that the two countries have little direct trade; US imports from Syria were a meagre $11 million last year, according to United Nations data cited by Trading Economics. That figure includes agricultural products and antiques. Laos, Myanmar The next hardest hit by Trump's new tariffs are Laos and Myanmar; they have both been slapped with a 40 per cent tax. Trump singled out these two nations for higher tariffs citing their unfair trade practices and regulatory barriers. Earlier, in a letter to the Lao People's Democratic Republic, Trump wrote that their 'tariff and non-tariff barriers' were 'hurting American jobs and industry,' further declaring that the new rate is 'non-negotiable.' In a similar letter to Min Aung Hlaing, Myanmar's military ruler, Trump emphasised that even the 40 per cent rate 'is far less than what is needed' to close the US trade gap with the country. US President Donald Trump has levied a 39 per cent tariff on Switzerland. It is the only country that does brisk trade with the US to receive such steep tariffs. File image/AFP Switzerland The Alpine nation is another one badly hit by Trump's new tariff order. The US president has levied a 39 per cent tariff on Switzerland. This high tax comes as the country was among those that had not yet finalised trade frameworks with the US before the August 1 deadline. The rate on Swiss exports to the US is markedly higher than other trading partners who were able to negotiate frameworks with the US, such as the European Union, Japan and South Korea receiving 15 per cent levies. STORY CONTINUES BELOW THIS AD Iraq, Serbia Both the countries have been given a 35 per cent tariff. Algeria, Bosnia and Herzegovina, Libya, South Africa According to Trump's new executive order, these four countries have been levied with a 30 per cent tariff. US President Donald Trump has levied a 25 per cent tariff on India in addition to a Russian penalty. File image/Reuters India India, who Trump describes as a ' friend' is also among the hardest hit by the new executive order. The US president has levied a 25 per cent tax on all Indian goods and stated that an added penalty would be imposed for its Russian trade. The 25 per cent tax is slightly lower than the 26 per cent that Trump had stated earlier. Among the Indian subcontinent, India is the highest taxed nation; its rivals, Pakistan, has been given a 19 per cent tariff, considerably lower from the earlier 29 per cent. In fact, fears in Islamabad that India was trying to isolate Pakistan financially have been somewhat tempered by the 25 per cent tariff rate that the Trump administration hit New Delhi with, CNN reports. Earlier, US Treasury Secretary Scott Bessent said that the American trade team is 'frustrated' over negotiations with India, describing it as 'slow-rolling things'. He said that while the negotiations started with New Delhi early, it has become an annoyance to American counterparts. Meanwhile, US Secretary of State Marco Rubio also said that India's purchase of Russian oil is a 'point of irritation' in New Delhi's relationship with Washington, DC. While speaking to Fox Radio on Thursday, Rubio argued that the Indian purchases of Russian oil are helping Moscow's war efforts in Ukraine. 'Look, global trade – India is an ally. It's a strategic partner. Like anything in foreign policy, you're not going to align 100 per cent of the time on everything,' Rubio said in the interview. STORY CONTINUES BELOW THIS AD Canada Separate from Trump's executive order, the US president announced that tariffs on Canadian goods would be increased to 35 per cent and this would take effect on August 1. The White House said that the new tariff rate for its neighbour was a result of Ottawa's inaction in the 'illicit drug crisis' and its 'retaliation against the United States' for its actions to address the threat. The country 'has failed to cooperate in curbing the ongoing flood of fentanyl and other illicit drugs' and Trump has increased the country's tariff to 'effectively address the existing emergency', it added. However, many point to the fact that the high tariff is owing to Prime Minister Mark Carney's decision to recognise statehood for Palestine, prompting Trump to write on Truth Social, 'Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a trade deal with them.' Shortly after the announcement, the president and CEO of Canada's Chamber of Commerce slammed Trump and his tariff order. 'The White House fact sheet should be called a fact-less sheet when it comes to basing trade decisions about Canada on the fentanyl emergency,' Candace Laing said in a statement. 'More fact-less tariff turbulence does not advance North American economic security. Businesses — in Canada and the US — urgently need certainty.' STORY CONTINUES BELOW THIS AD Ontario Premier Doug Ford also said the higher 35 per cent tariff rate from the US on Canadian goods is 'concerning,' especially with other tariffs still in place. In a social media post, Ford called on Canada's federal government to 'hit back' with a 50 per cent tariff on US steel and aluminium. 'Canada shouldn't settle for anything less than the right deal. Now is not the time to roll over. We need to stand our ground,' he posted on X. 'The federal government needs to maximise our leverage and stand strong in the face of President Trump's tariffs.' Brazil's President Luiz Inacio Lula da Silva (L) has hit out against US President Donald Trump after the latter slapped an additional 40 per cent tariff on Brazil, taking the total to 50 per cent. File image/AFP Brazil Trump had earlier signed an executive order imposing an additional 40 per cent tariff on Brazil, bringing the total tariff rate for the country to 50 per cent. Products like orange juice and civil aircraft have been exempted from the tariffs. Most experts note that Trump's high tariff on the Latin American country is political. In his explanation, Trump cited the 'witch hunt' against his far-right ally Jair Bolsonaro, the former Brazilian president on trial for allegedly plotting a coup. President Luiz Inacio Lula da Silva has denounced the tariffs as an attack on the 'sovereignty' of South America's largest economy. STORY CONTINUES BELOW THIS AD With inputs from agencies
News18
16 hours ago
- News18
'US Itself Continues To Engage In Trade With Russia': China On Trump's Tariff Threats
Last Updated: China has strongly rejected US accusations of aiding Russia and condemned new US tariffs on countries buying sanctioned Russian oil. China has hit back at the United States over its tariffs, after the Donald Trump administration said it would levy tariffs of up to 500 per cent on countries that purchase sanctioned Russian oil. The United States had also expressed displeasure at China's continued purchases of sanctioned Iranian oil and its sales of over USD 15 billion worth of dual-use technology goods to Russia. Addressing the media over the same, China's deputy permanent representative to the United Nations, Geng Shuang, refuted accusations made by the US representative against China at a UN Security Council meeting on the issue of arms supplies to Ukraine. 'I responded to such accusations on multiple occasions in past meetings. Since the US insists on repeating the same rhetoric, I find it necessary to set the record straight once again," Shuang said. 'First, China is not the creator of the Ukraine crisis, nor is it a party to the conflict. China has never provided lethal weapons to any party involved in the conflict," he added. 'We have always strictly controlled the export of dual-use items, including drones. Second, the UN Security Council has not imposed sanctions on any party of the conflict," he said. 'China maintains normal trade relations with both Russia and Ukraine, in full compliance with international law and without breaching any international obligations. China's legitimate and lawful rights and interests must not be infringed upon," he said. 'Third, the Ukraine crisis is currently at a critical juncture, with a genuine prospect for a political resolution. The US cannot, on the one hand, ask China to play a constructive role in ending the war, while on the other hand, continuously smear and pressure China," he added. 'We once again urge the US to stop playing the blame game and scapegoating others, and instead contribute positively to efforts for a ceasefire, de-escalation, and the promotion of a dialogue and negotiation," he said. US and Chinese officials met in Stockholm on Monday for more than five hours of talks aimed at resolving economic disputes with a goal of extending their truce on a trade war by three months. China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after Beijing and Washington reached preliminary deals in May and June to end escalating tit-for-tat tariffs and a cut-off of rare earth minerals. China's remarks came as Donald Trump also announced 25 per cent tariffs on imports from India, plus a penalty for New Delhi's purchases from Russia. 'Remember, while India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary trade barriers of any Country," Trump said, adding that the US has a 'massive" trade deficit with India. Disapproving of New Delhi's defence deals with Moscow, the US President said India has 'always bought a vast majority of their military equipment from Russia". They 'are Russia's largest buyer of energy, along with China, at a time when everyone wants Russia to stop the killing in Ukraine," he had said. view comments First Published: News world 'US Itself Continues To Engage In Trade With Russia': China On Trump's Tariff Threats Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
