Governor Hassan Abdalla led Egypt’s delegation at the G20 Finance Ministers and Central Bank Governors’ meeting in South Africa focusing on economic cooperation, sustainable finance, and tax reforms. The discussions highlighted the role of Multilateral Development Institutions and technological advancements in achieving economic stability. Egypt is participating in the 2025 G20 meetings under South Africa’s presidency, marking its fifth engagement in the forum.
Hassan Abdalla, the Governor of the Central Bank of Egypt (CBE), spearheaded Egypt’s delegation at the inaugural 2025 G20 Finance Ministers and Central Bank Governors’ meeting in South Africa. The delegation also featured Rami Abulnaga, Deputy Governor for Monetary Stability, and Yasser Sobhi, Vice Minister of Finance for Fiscal Policies.
The two-day meeting concentrated on South Africa’s priorities during its G20 presidency and the long-term vision for 2025. Key discussions included fostering economic cooperation to tackle growth challenges and capitalize on global opportunities, alongside deliberations on the international financial architecture, financial sector issues, and sustainable finance initiatives.
During his remarks, Abdalla underscored the forum’s importance in addressing global economic and financial challenges, encouraging the exchange of expertise, and proposing innovative financing solutions to advance development. He highlighted the pivotal role played by Multilateral Development Institutions in achieving these objectives.
Abdalla reiterated that the G20 could enhance dialogue with Credit Rating Agencies regarding methodologies applied to Multilateral Development Institutions. He also advocated for leveraging technological innovations to improve cross-border payment settlements while ensuring the protection of data privacy and security.
On the topic of sustainable finance, Abdalla called for the promotion of Public-Private Partnerships and greater access to sustainable financing tools, such as green bonds. He urged the implementation of robust risk-sharing mechanisms, including blended finance and credit guarantees, to address climate-related financial risks effectively.
Vice Minister of Finance Yasser Sobhi voiced similar priorities, emphasizing a balanced and gradual approach to tax reforms. He pointed out the necessity of supporting economic growth while controlling inflation to maintain financial stability. Sobhi stressed the importance of digitalization in improving tax policy compliance and efficiency, along with the need for a fairer international taxation system that aligns with each country’s developmental objectives.
During the G20 meetings, Deputy Governor Rami Abulnaga took part in the Second G20 Finance and Central Bank Deputies Meeting, which focused on scrutinizing the operational procedures of the G20 Finance Track workstreams. He also attended the First BRICS Finance and Central Bank Deputies Meeting, where he engaged in discussions concerning priorities under the Brazilian presidency of BRICS, particularly in central banking matters.
Egypt’s attendance at the 2025 G20 meetings follows an invitation from South Africa, which began its G20 presidency in December 2024 and will continue leading until November 2025 under the theme of “Solidarity, Equality, Sustainability.” This event marks Egypt’s fifth participation in G20 meetings and its third consecutive year of engagement.
In summary, Egypt’s participation in the G20 Finance Ministers and Central Bank Governors’ meeting underscores the nation’s commitment to collaborative economic growth and stability. By addressing issues of sustainable finance and advocating for innovative financial solutions, Egypt aims to play a crucial role in shaping the global economic landscape. The involvement of CBE leadership reflects a strategic approach toward multilateralism and reform in the face of global economic challenges.
Original Source: www.dailynewsegypt.com
