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Remittances represent a major source of income for millions of families and businesses globally, and are an important pathway to financial inclusion.
In 2014, G20 Leaders agreed to the G20 Plan to Facilitate Remittance Flows through which they committed to implement the National Remittance Plans (NRPs) outlining country-led actions supporting effective remittance flows and reducing remittance transfer costs. The G20 NRPs were finalized under Turkey's Presidency in 2015 along with a monitoring framework, which outlines that the GPFI will review progress on the NRPs annually and update these plans every two years.
Timeline of the G20 work on National Remittances
Update of the 2021 G20 National Remittances Plans
In 2021, the GPFI carried out the third review of the G20 National Remittances Plans (NRPs), following a new template devised by the WB and IFAD to adequately take into account the developments occurred during (and because of) the COVID-19 pandemic crisis as well as the G20 Roadmap on cross-border payments.
The following National Remittances Plans were delivered in 2021:
- Argentina
- Australia
- Brazil
- Canada
- European Commission
- Germany
- Italy
- Japan
- Mexico
- Russia
- Spain
- Switzerland
- Turkey
- United States
- United Arab Emirates
Click here to read more about the past updates of NRPs.