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. The two-day meeting discussed economic cooperation, sustainable finance, and strategies to address global financial challenges. Abdalla stressed the importance of dialogue with Credit Rating Agencies and the role of Multilateral Development Institutions, while Vice Minister Yasser Sobhi focused on tax reforms and digitalization.
Hassan Abdalla, the Governor of the Central Bank of Egypt (CBE), presided over Egypt’s delegation at the inaugural 2025 G20 Finance Ministers and Central Bank Governors’ meeting in South Africa. The delegation comprised Rami Abulnaga, Deputy Governor for Monetary Stability, and Yasser Sobhi, Vice Minister of Finance for Fiscal Policies.
The meeting lasted two days and addressed South Africa’s G20 priorities, focusing on economic collaboration needed to tackle growth obstacles and explore global opportunities. Topics included advancements in the international financial framework, pressing financial sector issues, and strategies for sustainable finance.
Governor Abdalla emphasized the importance of this forum in addressing global economic and financial challenges. He advocated for sharing expertise and innovative financing solutions essential for development efforts, underscoring the pivotal role of Multilateral Development Institutions in achieving these objectives.
He also reiterated the potential of the G20 in facilitating dialogues with Credit Rating Agencies concerning the assessment methods utilized by Multilateral Development Institutions, emphasizing technological advancements to improve cross-border payment settlements while maintaining data privacy and security.
On sustainability, Abdalla called for the promotion of Public-Private Partnerships and enhancing access to sustainable financial instruments, particularly green bonds. He urged for robust risk-sharing mechanisms, like blended finance and credit guarantees, to alleviate climate-related financial risks.
Vice Minister Yasser Sobhi supported these initiatives, advocating for a balanced approach to tax reforms that supports growth while managing inflationary pressures to ensure financial stability. He highlighted the significance of digitalization in improving tax policy efficiency and compliance, and called for efforts to create a more equitable international taxation system.
Deputy Governor Rami Abulnaga also engaged in the Second G20 Finance and Central Bank Deputies Meeting to assess operational procedures of the Finance Track. He attended the First BRICS Finance and Central Bank Deputies Meeting, focusing on the Brazilian presidency’s central banking priorities.
Egypt’s involvement in the 2025 G20 meetings is upon the invitation of South Africa, which leads the G20 from December 2024 to November 2025 under the theme of “Solidarity, Equality, Sustainability.” This participation marks Egypt’s fifth appearance at G20 meetings and its third consecutive year attending.
In conclusion, Egypt, represented by Governor Hassan Abdalla and his delegation, actively contributed to the G20 Finance Ministers and Central Bank Governors’ meeting in South Africa. Key discussions revolved around economic cooperation, sustainable finance, and innovative solutions to global challenges. Both Abdalla and Vice Minister Sobhi highlighted the importance of tax reforms, digitalization, and the role of Multilateral Development Institutions in fostering development and financial stability.
Original Source: www.dailynewsegypt.com
