Hassan Abdalla, Governor of CBE, led Egypt’s delegation at the G20 meeting in South Africa, discussing economic cooperation, sustainable finance, and tax reforms. Key points included the importance of Multilateral Development Institutions and the role of technology in finance, while emphasizing Public-Private Partnerships to enhance sustainability.
Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), led the Egyptian delegation at the G20 Finance Ministers and Central Bank Governors’ meeting in South Africa. The delegation included CBE Deputy Governor Rami Abulnaga and Yasser Sobhi, Vice Minister of Finance for Fiscal Policies. The event marked the kickoff of South Africa’s G20 presidency, focusing on economic cooperation and strategies to tackle growth challenges while seizing global opportunities.
Over the two-day meeting, discussions revolved around enhancing the international financial architecture, addressing financial sector concerns, and promoting sustainable finance. Abdalla emphasized the forum’s role in tackling global economic challenges, sharing expertise, and developing innovative financing solutions. He noted the importance of Multilateral Development Institutions in achieving these objectives.
Abdalla also highlighted the G20’s potential in facilitating dialogue with Credit Rating Agencies about the methodologies used by Multilateral Development Institutions. He pointed out the necessity of leveraging technological advancements to enhance cross-border payment systems while maintaining data privacy and security.
Addressing sustainable finance, Abdalla called for the promotion of Public-Private Partnerships and accessing sustainable financing tools, such as green bonds. He advocated for stronger risk-sharing mechanisms, including blended finance and credit guarantees, to manage climate-related financial risks effectively.
Vice Minister Yasser Sobhi supported these priorities by pointing to a gradual approach to tax reforms that bolster economic growth and contain inflation to ensure financial stability. He also emphasized the significance of digitalization in making tax policies more efficient and compliant. Additionally, he urged for efforts towards a fairer international taxation system aligned with countries’ development priorities.
Separately, Deputy Governor Rami Abulnaga participated in the Second G20 Finance and Central Bank Deputies Meeting, focused on reviewing procedural frameworks of the G20 Finance Track workstreams. He also engaged in the First BRICS Finance and Central Bank Deputies Meeting to discuss priorities set by the Brazilian BRICS Presidency, with a specific focus on central banking.
Egypt’s involvement reflects its role in the 2025 G20 meetings at the invitation of South Africa, which has been leading the G20 since December 2024 under the theme “Solidarity, Equality, Sustainability.” This is Egypt’s fifth engagement in the G20 meetings and the third consecutive year of participation.
In summary, Egypt’s participation in the G20 reflects its commitment to addressing global financial issues and exploring sustainable finance solutions. Governor Abdalla articulated the significance of collaborative efforts in enhancing financial mechanisms and utilizing technology to improve processes. The inclusion of Vice Minister Sobhi and Deputy Governor Abulnaga showcases a unified approach towards ensuring economic stability and developing equitable taxation systems in line with broader development goals.
Original Source: www.dailynewsegypt.com
