Hassan Abdalla, Governor of the Central Bank of Egypt, led Egypt’s delegation at the G20 Finance Ministers and Central Bank Governors’ meeting in South Africa. Key discussions focused on economic cooperation, sustainable finance, and developing Multilateral Development Institutions. Abdalla emphasized the importance of technology in finance and balanced tax reforms. The meeting underscores Egypt’s continuing role in the G20 as part of South Africa’s 2025 presidency.
Hassan Abdalla, the Governor of the Central Bank of Egypt (CBE), led the national delegation at the inaugural G20 Finance Ministers and Central Bank Governors’ meeting for 2025, held in South Africa. The Egyptian delegation comprised Rami Abulnaga, Deputy Governor for Monetary Stability, and Yasser Sobhi, Vice Minister of Finance for Fiscal Policies.
The two-day conference concentrated on South Africa’s priorities as G20 president, focusing on fostering economic collaboration to tackle growth challenges, alongside leveraging global opportunities. Key topics included advancements in international financial architecture, issues pertaining to the financial sector, and sustainable finance.
During the discussions, Abdalla underscored the forum’s significance as a venue for addressing worldwide economic and financial issues, sharing expertise, and devising innovative financing strategies to bolster developmental endeavors. He emphasized the pivotal role of Multilateral Development Institutions in achieving these objectives.
He reiterated that the G20 has a capacity to foster dialogues with Credit Rating Agencies concerning the methodologies utilized by Multilateral Development Institutions. Additionally, he advocated for harnessing technological innovations to enhance cross-border payment processes while upholding stringent data security and privacy standards.
In terms of sustainable finance, Abdalla stressed the need to encourage Public-Private Partnerships and improve access to sustainable financing mechanisms, including green bonds. He also promoted stronger risk-sharing strategies such as blended finance and credit guarantees to alleviate climate-related financial vulnerabilities.
Vice Minister Yasser Sobhi reinforced these themes by advocating for a balanced, gradual approach to tax reforms. He highlighted the necessity of supporting economic growth while controlling inflationary pressures to maintain fiscal stability. Sobhi also emphasized the role of digitalization in improving the efficacy and compliance of tax policies, alongside his call for enhanced efforts in establishing an equitable international tax structure.
In conjunction with the G20 meetings, Deputy Governor Rami Abulnaga participated in the Second G20 Finance and Central Bank Deputies Meeting, which reviewed and assessed operational procedures within the G20 Finance Track workstreams. He also attended the First BRICS Finance and Central Bank Deputies Meeting, where he discussed priorities outlined by the Brazilian Presidency of BRICS, particularly those involving central banking.
Egypt’s engagement in the 2025 G20 meetings is at the invitation of South Africa, which began its presidency in December 2024 and will guide the group until November 2025 under the theme “Solidarity, Equality, Sustainability.” This marks Egypt’s fifth involvement in the G20 meetings and its third consecutive year of participation.
In summary, the G20 meeting in South Africa, led by Governor Hassan Abdalla of the Central Bank of Egypt, focused on addressing economic cooperation, sustainable finance, and the role of Multilateral Development Institutions. Emphasizing technological advancements and balanced tax reforms, the discussions highlighted Egypt’s proactive engagement in global economic issues, with the G20 providing a significant platform for dialogue and innovative solutions. Egypt’s ongoing participation underscores its commitment to international collaboration under the 2025 presidency theme.
Original Source: www.dailynewsegypt.com
