CBE Governor Heads Egypt’s Delegation at G20 Finance Ministers Meeting in South Africa

Hassan Abdalla, the Governor of CBE, led Egypt’s delegation at the G20 Finance Ministers and Central Bank Governors meeting in South Africa. The meeting focused on economic cooperation, international financial architecture, sustainable finance, and tax reforms. Abdalla and Vice Minister Sobhi highlighted the importance of Multilateral Development Institutions, technological advancements, and equitable taxation. Rami Abulnaga participated in further G20 and BRICS discussions highlighting their priorities.

Hassan Abdalla, the Governor of the Central Bank of Egypt (CBE), led Egypt’s delegation at the inaugural 2025 G20 Finance Ministers and Central Bank Governors meeting held in South Africa. The delegation comprised Rami Abulnaga, Deputy Governor for Monetary Stability, and Yasser Sobhi, Vice Minister of Finance for Fiscal Policies.

This two-day meeting centered on South Africa’s G20 presidency priorities and a long-term vision for 2025, emphasizing economic cooperation to overcome growth challenges and seize global opportunities. Key discussions revolved around the international financial architecture, issues within the financial sector, and aspects of sustainable finance.

During the sessions, Governor Abdalla underscored the forum’s significance as a venue for addressing global economic difficulties, sharing knowledge, and proposing innovative financing solutions to bolster development initiatives. He stressed the essential role of Multilateral Development Institutions in progressing these objectives.

Additionally, he reiterated the G20’s capability to foster dialogue with Credit Rating Agencies concerning the methodologies utilized by Multilateral Development Institutions. Abdalla also highlighted the necessity of leveraging technological advancements to enhance cross-border payment settlements, emphasizing the need for secure data privacy and protection.

On sustainable finance, Abdalla called for promoting Public-Private Partnerships and broadening access to sustainable financing mechanisms, such as green bonds. He advocated for enhanced risk-sharing frameworks like blended finance and credit guarantees to address climate-related financial risks more effectively.

Vice Minister of Finance Yasser Sobhi supported these priorities by stressing the importance of a measured and gradual approach to tax reforms aimed at fostering economic growth while controlling inflation to ensure financial stability. He emphasized the role of digitalization in improving tax policy efficiency and compliance and urged for more robust efforts to create a fair international tax system aligned with the development needs of all countries.

On the sidelines of the G20 meetings, Deputy Governor Rami Abulnaga engaged in the Second G20 Finance and Central Bank Deputies Meeting to oversee the G20 Finance Track workstreams. He also participated in the First BRICS Finance and Central Bank Deputies Meeting, discussing priorities set by the Brazilian presidency, primarily regarding central banking.

Egypt’s involvement in the G20 meetings for 2025 follows an invitation from South Africa, which began its G20 presidency in December 2024 and will lead until November 2025 under the theme “Solidarity, Equality, Sustainability.” This participation marks Egypt’s fifth engagement in G20 meetings and its third consecutive attendance.

The recent G20 meeting, led by Governor Hassan Abdalla, highlighted Egypt’s commitment to global economic cooperation and sustainable finance. The delegation emphasized the importance of Multilateral Development Institutions and technological advancements in addressing financial challenges. Discussions on tax reforms and equitable systems were crucial for ensuring financial stability and fostering growth. Egypt’s ongoing participation showcases its role in shaping international economic dialogue under South Africa’s G20 presidency.

Original Source: www.dailynewsegypt.com