Egypt’s Central Bank Governor Represents Country at G20 Finance…

Hassan Abdalla, Governor of the Central Bank of Egypt, led a delegation at the G20 meeting in South Africa, emphasizing economic cooperation, sustainable finance, and the need for innovative solutions to global financial challenges. Discussions included tax reforms, digitalization, and the role of Multilateral Development Institutions, highlighting Egypt’s commitment to the G20’s objectives under South Africa’s presidency.

Hassan Abdalla, the Governor of the Central Bank of Egypt, led the Egyptian delegation at the inaugural meeting of the G20 Finance Ministers and Central Bank Governors in South Africa. The delegation comprised Rami Abulnaga, Deputy Governor for Monetary Stability, and Yasser Sobhi, Vice Minister of Finance for Fiscal Policies. The meeting began discussions on South Africa’s G20 presidency priorities and the longer-term planning for 2025, highlighting the significance of economic cooperation to tackle growth impediments while exploiting global opportunities.

During the two-day forum, Abdalla emphasized the importance of the G20 as a platform for tackling global economic and financial challenges, encouraging knowledge exchange and innovative financing solutions aimed at supporting development initiatives. He specifically mentioned the pivotal role of Multilateral Development Institutions in advancing these objectives.

Abdalla reiterated that the G20 has the capability to foster discussions with Credit Rating Agencies concerning their methodologies impacting Multilateral Development Institutions. He also pointed out the necessity of harnessing technological advancements to improve cross-border payment settlements while maintaining stringent data privacy and security measures.

On the topic of sustainable finance, Abdalla called for the enhancement of Public-Private Partnerships and an expanded access to sustainable financing mechanisms such as green bonds. He advocated for more effective risk-sharing mechanisms, including blended finance and credit guarantees, as a means of mitigating climate-related financial risks.

Vice Minister Yasser Sobhi supported these concerns, advocating for a balanced and gradual advancement of tax reforms. He highlighted the need to foster economic growth while managing inflationary pressures to maintain financial stability. Sobhi also stressed the essential role of digital transformation in improving tax policy efficiency and compliance and called for efforts towards creating a fairer international taxation system that aligns with the developmental needs of all nations.

In conclusion, the G20 meeting represented a critical gathering to address pressing global economic challenges via cooperation and innovative solutions. The emphasis on sustainable finance and balanced tax reforms underlines Egypt’s commitment to fostering economic stability and development. It also highlights the responsibility of Multilateral Development Institutions and the need for technological advancements to facilitate international financial operations more effectively.

Original Source: www.dailynewsegypt.com