Hassan Abdalla, Governor of Egypt’s Central Bank, led the delegation at the G20 Finance Ministers and Central Bank Governors meeting in South Africa. The discussions focused on economic cooperation, sustainable finance, and tax reforms. Abdalla highlighted the importance of innovation in finance and the role of Multilateral Development Institutions. This marks Egypt’s continued engagement in G20 activities.
Hassan Abdalla, the Governor of the Central Bank of Egypt (CBE), led Egypt’s delegation at the inaugural 2025 meeting of the G20 Finance Ministers and Central Bank Governors in South Africa. The delegation included Rami Abulnaga, the CBE Deputy Governor for Monetary Stability, and Yasser Sobhi, the Vice Minister of Finance for Fiscal Policies.
The two-day meeting concentrated on South Africa’s G20 presidency priorities and the long-term vision for 2025. Key discussions included strategies for economic cooperation, addressing growth challenges, and leveraging global opportunities while focusing on international financial architecture and sustainable finance.
Abdalla emphasized the G20 forum’s importance in tackling global economic challenges, facilitating experience exchange, and finding innovative financing solutions for development. He pointed out the crucial role of Multilateral Development Institutions in these efforts.
He also asserted the G20’s potential to engage with Credit Rating Agencies regarding the methodologies used by Multilateral Development Institutions. Additionally, Abdalla highlighted the significance of technological advancements in optimizing cross-border payment settlements, ensuring data privacy, and security.
On sustainable finance, he called for enhancing Public-Private Partnerships and broadening access to financing tools like green bonds. He advocated for stronger risk-sharing mechanisms, such as blended finance and credit guarantees, to address climate-related financial risks.
Vice Minister Yasser Sobhi echoed Abdalla’s priorities, advocating for a balanced approach to tax reforms that supports economic growth while managing inflation. He emphasized the need for the digitalization of tax policy for improved efficiency, compliance, and the establishment of a fair international taxation system aligning with countries’ developmental goals.
Deputy Governor Rami Abulnaga participated in the Second G20 Finance and Central Bank Deputies Meeting, focusing on evaluating the G20 Finance Track workstreams. He also took part in the First BRICS Finance and Central Bank Deputies Meeting, discussing priorities of the Brazilian Presidency related to central banking.
Egypt’s participation in the 2025 G20 meetings is an invitation from South Africa, which began its presidency in December 2024 and will lead the group until November 2025 under the theme “Solidarity, Equality, Sustainability.” This marks Egypt’s fifth G20 participation and its third consecutive year of attendance.
In summary, Governor Hassan Abdalla led Egypt’s delegation to the G20 Finance Ministers and Central Bank Governors meeting, addressing crucial topics such as economic cooperation, sustainable finance, and tax reforms. The discussions highlighted the roles of Multilateral Development Institutions and the need for technological innovations in finance. Furthermore, the meeting underscored Egypt’s ongoing involvement in G20 discussions, contributing to global economic governance.
Original Source: www.dailynewsegypt.com
