CBE Governor Represents Egypt at G20 Finance Ministers Meeting in South Africa
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 reform. Key discussions included the role of Multilateral Development Institutions and innovations in cross-border payment systems. Egypt’s participation reaffirms its commitment to global economic challenges amidst South Africa’s G20 presidency.
Hassan Abdalla, the Governor of the Central Bank of Egypt (CBE), led Egypt’s delegation at the inaugural G20 Finance Ministers and Central Bank Governors meeting in South Africa, which commenced the activities for 2025. Accompanying him were Rami Abulnaga, CBE’s Deputy Governor, and Yasser Sobhi, Vice Minister of Finance for Fiscal Policies.
The two-day discussions centered on South Africa’s G20 presidency goals and the strategic vision for 2025, emphasizing economic collaboration to tackle growth obstacles while maximizing global opportunities. Topics also included advancements in international financial architecture, pressing financial sector issues, and the promotion of sustainable finance.
During the sessions, Governor Abdalla emphasized the forum’s vital role in confronting global economic and financial issues, encouraging the exchange of ideas and proposing innovative approaches to financing aimed at development. He highlighted the essential part that Multilateral Development Institutions play in fulfilling these objectives.
Abdalla noted that the G20 could act as a conduit for engaging with Credit Rating Agencies about their methodologies regarding Multilateral Development Institutions. Furthermore, he stressed the necessity of adopting technological innovations to enhance cross-border payment processes while maintaining data privacy and security.
On the subject of sustainable finance, Abdalla pointed to the importance of fostering Public-Private Partnerships and increasing access to sustainable financing options, such as green bonds. He advocated for improved risk-sharing methods, including blended finance and credit guarantees, to alleviate financial risks associated with climate change.
Vice Minister Sobhi supported these initiatives, emphasizing a well-balanced and gradual approach to tax reforms. He underscored the need to nurture economic growth while managing inflationary tendencies for enhanced financial stability. He also highlighted digitalization’s crucial role in improving tax policy efficiency and compliance, calling for significant advancements towards an equitable international tax framework that aligns financial inflows with each country’s developmental goals.
During the G20 meetings, Deputy Governor Abulnaga participated in the Second G20 Finance and Central Bank Deputies Meeting, where he reviewed the operational details of the G20 Finance Track workstreams. Moreover, he attended the First BRICS Finance and Central Bank Deputies Meeting, discussing priorities aligned with Brazil’s BRICS presidency, particularly concerning central banking matters.
Egypt’s engagement in the 2025 G20 meetings is under the invitation of South Africa, which holds the G20 presidency from December 2024 to November 2025 under the theme “Solidarity, Equality, Sustainability.” This represents Egypt’s fifth entry into the G20 meetings, maintaining an active presence for a third consecutive year.
In conclusion, Egypt’s active role in the G20 Finance Ministers and Central Bank Governors meeting reaffirms its commitment to addressing global economic challenges. Governor Abdalla’s emphasis on sustainable finance, effective tax reforms, and technological advancements highlights pivotal strategies for fostering economic growth. This engagement not only represents Egypt’s ongoing partnership with the international community but also enhances its position as a key player in future discussions on financial stability and development.
Original Source: www.dailynewsegypt.com
