Hassan Abdalla, Governor of the CBE, led Egypt’s delegation at the G20 Finance Ministers and Central Bank Governors’ meeting in South Africa, discussing South Africa’s G20 priorities, economic challenges, sustainable finance, and the role of digitalization in tax reforms. Key discussions included the importance of Public-Private Partnerships and robust risk-sharing mechanisms to address climate risks while ensuring financial stability and equitable taxation approaches.
Hassan Abdalla, the Governor of the Central Bank of Egypt (CBE), led Egypt’s delegation to the inaugural 2025 G20 Finance Ministers and Central Bank Governors’ meeting in South Africa. The delegation comprised Rami Abulnaga, the Deputy Governor for Monetary Stability, and Yasser Sobhi, the Vice Minister of Finance for Fiscal Policies. The meetings centered on South Africa’s G20 priorities and the overarching vision for 2025, focusing on collaborative economic strategies to tackle growth challenges and harness global opportunities.
The two-day conference addressed various topics, including advancements in the international financial framework, financial sector dynamics, and the evolution of sustainable finance. During the sessions, Abdalla emphasized the importance of the G20 as a vital platform for tackling worldwide economic issues, sharing knowledge, and proposing innovative funding solutions that can bolster development initiatives.
Abdalla also highlighted the necessity for dialogue between the G20 and Credit Rating Agencies concerning the assessment methods used for Multilateral Development Institutions. He pointed out the significance of leveraging technological advancements to enhance cross-border payment systems while maintaining strong data privacy and security measures.
On the topic of sustainable finance, Abdalla advocated for the promotion of Public-Private Partnerships and the expansion of access to sustainable financial instruments, such as green bonds. He further emphasized the need for enhanced risk-sharing frameworks, including blended finance and credit guarantees, to help mitigate financial risks associated with climate change.
Vice Minister of Finance Yasser Sobhi concurred with these objectives, stressing the importance of a balanced and gradual approach to tax reforms. He noted the necessity to foster economic growth while controlling inflation to maintain financial stability. Additionally, Sobhi underscored the role of digitalization in improving tax policy efficiency and compliance, while also calling for efforts to develop a fairer international taxation system that aligns with the development goals of all nations.
Deputy Governor Rami Abulnaga engaged in the Second G20 Finance and Central Bank Deputies Meeting, which aimed to review the operational processes of the G20 Finance Track. He also attended the First BRICS Finance and Central Bank Deputies Meeting, facilitating discussions on the priorities highlighted by the Brazilian Presidency of BRICS related to central banking.
Egypt’s involvement in the 2025 G20 meetings occurs under the auspices of South Africa, which began its G20 presidency in December 2024 and will continue until November 2025 under the theme “Solidarity, Equality, Sustainability.” This event marks Egypt’s fifth engagement in the G20 meetings and its third consecutive year of participation.
In conclusion, Egypt’s representation at the G20 Finance Ministers and Central Bank Governors’ meeting is vital for addressing critical global economic issues and promoting sustainable finance. The participation of key representatives emphasizes collaboration in economic strategies, digitalization, and establishing equitable tax systems. Abdalla’s insights on the necessity of technological advancements and risk-sharing mechanisms further signify Egypt’s commitment towards innovation in financial frameworks against the backdrop of climate-related challenges.
Original Source: www.dailynewsegypt.com
