Hassan Abdalla, CBE Governor, led Egypt’s delegation at the G20 meeting in South Africa, discussing economic cooperation, sustainable finance, and tax reforms. The meeting focused on the role of Multilateral Development Institutions, digitalization, and Public-Private Partnerships, emphasizing the need for equitable taxation systems. This marks Egypt’s fifth G20 participation under South Africa’s presidency, themed “Solidarity, Equality, Sustainability.”
Hassan Abdalla, the Governor of the Central Bank of Egypt (CBE), led Egypt’s delegation at the recent G20 Finance Ministers and Central Bank Governors’ meeting held in South Africa. Accompanying him were Rami Abulnaga, Deputy Governor of the CBE for Monetary Stability, and Yasser Sobhi, Vice Minister of Finance for Fiscal Policies. This marked Egypt’s fifth participation in G20 meetings and its third consecutive year in attendance.
The two-day summit addressed South Africa’s G20 presidency priorities and the long-term vision for 2025, focusing on economic cooperation to tackle growth challenges and capitalize on global opportunities. Key topics included developments in international financial architecture, issues within the financial sector, and advancements in sustainable finance.
During the discussions, Governor Abdalla emphasized the forum’s importance as a platform for tackling global economic and financial issues, sharing expertise, and proposing innovative financial solutions. He highlighted the integral role of Multilateral Development Institutions in furthering these objectives and stressed the need for dialogue with Credit Rating Agencies regarding their methodologies concerning these institutions.
Additionally, Abdalla pointed out the necessity of leveraging technological advancements to enhance cross-border payment settlements while ensuring data privacy and security. He advocated for the promotion of Public-Private Partnerships and the accessibility of sustainable financing mechanisms such as green bonds to address climate-related financial risks through improved risk-sharing instruments.
Vice Minister Yasser Sobhi supported these initiatives, underscoring a balanced approach to tax reforms aimed at fostering economic growth while managing inflationary pressures for financial stability. He highlighted the significance of digitalization in optimizing tax policy efficiency and called for a fair international taxation system that corresponds with the developmental priorities of all nations.
On the G20 meeting sidelines, Deputy Governor Rami Abulnaga participated in the Second G20 Finance and Central Bank Deputies Meeting, focusing on the evaluation of the operational procedures of the G20 Finance Track workstreams. He also attended the First BRICS Finance and Central Bank Deputies Meeting to discuss priorities set by Brazil’s BRICS Presidency, particularly those concerning central banking.
In conclusion, Egypt’s participation in the G20 Finance Ministers and Central Bank Governors’ meeting underscored the nation’s commitment to addressing global economic challenges through collaboration. Key discussions included the role of Multilateral Development Institutions, the necessity for sustainable financial practices, and the advancement of equitable taxation systems. The event showcased support for initiatives that leverage technology, foster partnerships, and promote financial stability, emphasizing Egypt’s active role on the global stage.
Original Source: www.dailynewsegypt.com
