 I'm honored to be speaking to you on this international day of family remittances. Migrant remittances are an essential lifeline for millions of migrant families in low and middle income countries. Last year, migrant workers sent 605 billion back to their families and communities. This year, that figure is expected to grow to 630 billion. Remittances are essential workers that keep economies running, particularly through times of difficulty. Remittance volumes continue to grow through the COVID-19 pandemic and remain the largest international financial flow into most developing countries. Remittances enable migrant families to cover basic needs, reduce their vulnerability and build resilience during crises such as climate change or conflict. The health families pay for food, education, housing and health, thereby improving their human capital. Remittance flows also play a catalyst role in the development of local communities. These matches recognize in the global compact for safe orderly and regular migration and reaffirm by member states in the Progress Declaration from the Recent International Migration Review Forum. Further, while paying for essential items and funding human capital development is arguably the most important function of remittances, studies also show that around 30% or up to 190 billion can be leveraged privately for local investment and development purposes. This requires that migrants and their families are digitally included, have access to tailored financial products and services, and are engaged through appropriate channels and platforms. Yet the cost of remittances remains stubbornly high. In 2021, the average cost for a $200 send was over 6%, twice the Sustainable Development Goals target of 3%. Lowering remittance fees by just 2% points will translate into 12 billion of annual savings for international migrants. Promoting the digital inclusion of migrants and facilitating their access to tailored financial products and services can leverage remittances for productive use, encourage migrant savings and reduce the costs of transferring remittances. On this International Day of Family Remittances, IOM, together with the UN Network on Migration call upon stakeholders, member states and international organizations to create the conditions that will facilitate the faster, cheaper and safer transfer of remittances and to encourage as appropriate opportunities for development-oriented investment by recipients. This in turn will empower migrants to become actors for local development.