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5X5 Objective

The Global Remittances Working Group, during the year of the Italian Presidency, identified the goal of reducing the cost of remittances by five percentage points in five years.  The working group's recommendation received strong support at the G8 Heads of State Summit in L'Aquila in June 2009.

For the first time at international level, the G8 Summit at L’Aquila identified and adopted a clear and quantified goal.  The G8 Final Declaration on Responsible Leadership for a Sustainable Future, in paragraph 134, states:

"Given the development impact of remittance flows, we will facilitate a more efficient transfer and improved use of remittances and enhance cooperation between national and international organizations, in order to implement the recommendations of the 2007 Berlin G8 Conference and of the Global Remittances Working Group established in 2009 and coordinated by the World Bank. We will aim to make financial services more accessible to migrants and to those who receive remittances in the developing world. We will work to achieve in particular the objective of a reduction of the global average costs of transferring remittances from the present 10% to 5% in 5 years through enhanced information, transparency, competition and cooperation with partners, generating a significant net increase in income for migrants and their families in the developing world."

Last updated: 2009-11-09

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