Hassan Abdalla, the Governor of the Central Bank of Egypt, led Egypt’s delegation at the first G20 Finance Ministers and Central Bank Governors meeting in South Africa, focusing on economic cooperation, sustainable finance, and advancements in taxation and technology. Discussions highlighted the significance of addressing global financial challenges, fostering partnerships, and enhancing financial stability. This marks Egypt’s fifth participation in G20 meetings, affirming its role in global economic dialogue.
Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), led the Egyptian delegation at the inaugural G20 Finance Ministers and Central Bank Governors meeting in South Africa. Accompanying him were Rami Abulnaga, Deputy Governor for Monetary Stability, and Yasser Sobhi, Vice Minister of Finance for Fiscal Policies. This delegation aimed to address economic challenges and leverage global opportunities.
The two-day summit focused on South Africa’s G20 presidency priorities and the vision for 2025. Discussions included the international financial architecture, financial sector developments, and sustainable finance, emphasizing the essential role of economic cooperation in overcoming growth challenges.
Governor Abdalla highlighted the forum’s significance for tackling global economic issues, sharing expertise, and proposing innovative financing solutions to bolster development initiatives. He stressed the crucial involvement of Multilateral Development Institutions in achieving these objectives within the G20 framework.
Additionally, he advocated for dialogues with Credit Rating Agencies to review their methodologies towards Multilateral Development Institutions. Abdalla also emphasized leveraging technology to enhance cross-border payment settlements while maintaining robust data privacy and security standards.
In terms of sustainable finance, he underscored the importance of Public-Private Partnerships and expanding access to tools such as green bonds. Abdalla further called for improved risk-sharing mechanisms, including blended finance and credit guarantees, to address climate-related financial risks effectively.
Vice Minister of Finance Yasser Sobhi supported these priorities, highlighting the necessity of a balanced approach to tax reforms. He pointed out the importance of fostering economic growth while managing inflation to secure financial stability. Sobhi advocated for enhanced digitalization in tax policy to improve efficiency and compliance and urged for a fair international taxation system aligned with developmental priorities.
On the sidelines, Deputy Governor Rami Abulnaga participated in the Second G20 Finance and Central Bank Deputies Meeting, focusing on operational procedures. He also attended the First BRICS Finance and Central Bank Deputies Meeting to discuss priorities set by the Brazilian Presidency of BRICS regarding central banking.
Egypt’s involvement in the 2025 G20 meetings, following an invitation from South Africa, exemplifies its commitment to engaging in global economic discourse. South Africa will lead the G20 until November 2025 under the theme “Solidarity, Equality, Sustainability,” marking Egypt’s fifth and third consecutive appearances at these meetings.
In conclusion, Egypt’s delegation led by Governor Hassan Abdalla at the G20 meeting in South Africa emphasized the importance of international economic cooperation, sustainable finance, and innovative solutions to global challenges. The discussions focused on tax reforms, technological advancements, and the role of Multilateral Development Institutions in fostering development. Egypt’s participation reinforces its commitment to active engagement in global financial discussions and policy reforms.
Original Source: www.dailynewsegypt.com
