Hassan Abdalla led Egypt’s delegation at the G20 Finance Ministers and Central Bank Governors meeting in South Africa, focusing on economic cooperation and sustainable finance. The discussions highlighted the role of Multilateral Development Institutions, the importance of technological advancements, and equitable international taxation. This event showcased Egypt’s commitment to addressing global financial challenges and collaborating on innovative solutions.
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 of 2025, which took place in South Africa. The delegation comprised 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 outlined a long-term vision for 2025. Key topics included economic collaboration to tackle growth challenges, enhancements to the international financial architecture, and a focus on sustainable finance.
Governor Abdalla emphasized the forum’s importance in addressing global economic and financial issues, sharing expertise, and innovating financing solutions for development initiatives. He highlighted the vital role of Multilateral Development Institutions in these endeavors.
Furthermore, he asserted that the G20 could facilitate discussions with Credit Rating Agencies regarding their methodologies involving Multilateral Development Institutions. He advocated for employing technological advancements to improve cross-border payment systems while maintaining data privacy and security.
In addressing sustainable finance, Abdalla called for fostering Public-Private Partnerships and enhancing access to sustainable funding, particularly through green bonds. He also urged the implementation of stronger risk-sharing mechanisms like blended finance and credit guarantees to mitigate climate-related financial risks.
Vice Minister of Finance Yasser Sobhi echoed Abdalla’s priorities, emphasizing a balanced approach to tax reforms. He underscored the need to bolster economic growth while managing inflation to ensure financial stability. Sobhi also pointed out the significance of digitalization in improving tax policy effectiveness and compliance, advocating for a fairer international taxation system that respects each country’s development objectives.
On the sidelines of the G20 conference, Deputy Governor Rami Abulnaga participated in the Second G20 Finance and Central Bank Deputies Meeting, focusing on the operational processes for the G20 Finance Track workstreams. He also attended the First BRICS Finance and Central Bank Deputies Meeting to discuss priorities from Brazil’s presidency of BRICS, mainly concerning central banking.
Egypt’s involvement in the 2025 G20 meetings was at South Africa’s invitation, marking the latter’s presidency from December 2024 to November 2025, under the theme “Solidarity, Equality, Sustainability.” This participation signifies Egypt’s fifth engagement in G20 meetings and its third consecutive attendance.
In summary, the recent G20 meeting in South Africa, led by Governor Hassan Abdalla of the Central Bank of Egypt, addressed crucial economic cooperation and sustainable finance strategies. The emphasis on international collaboration and innovative financial solutions demonstrates Egypt’s commitment to contributing effectively to global economic discussions. With continued participation in G20 events, Egypt aims to further its goals in alignment with sustainable development and economic stability.
Original Source: www.dailynewsegypt.com
