Latest news with #DeputiesMeeting
Zawya
07-04-2025
- Business
- Zawya
UAE participates in IMFC Deputies Meeting in Riyadh
Addressing agenda of the upcoming Spring Meetings of the IMF and World Bank Exploring strategies to overcome sluggish economic growth Discussing solutions to high debt levels and ways to strengthen the global financial safety net Riyadh: The UAE took part in the International Monetary and Financial Committee (IMFC) Deputies Meeting, held in Riyadh on April 6 and 7, 2025. The UAE delegation was led by H.E. Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, and included Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry. The Emirati delegation joined high-level discussions addressing global economic challenges and how to enhance international financial coordination. On the first day, participants explored strategies to overcome sluggish global economic growth and rising debt levels in a session held under the theme 'Breaking from the low-growth, high-debt path.' Sessions The first day agenda also featured a high-level panel discussion themed 'Strengthening Global Financial Safety Net: Enhancing Coordination Between the IMF and Regional Financial Arrangements'. The Emirati delegation also took part in an informal, closed-door session among deputies, under Chatham House Rules, to discuss IMF operations and governance in a changing world. On the second day, discussions turned to the managing director's global policy agenda and medium-term direction. This was followed by a review of the first draft of the IMFC's official statement and outcome document, which summarizes key insights from the committee's recent survey and strategic discussions at the highest level. The two-day event concluded with a session discussing topics set to be addressed at the upcoming IMF and World Bank Spring Meetings, including global economic priorities and projected fiscal policies in response to ongoing developments. Enhancing economic resilience "The UAE is committed to supporting global financial stability and contributing to developing financial economic policies," said His Excellency Younis Haji AlKhoori. "During the meeting of IMFC deputies, we shared with the committee our balanced and forward-looking perspective—one that focuses on resilience, sustainability, and inclusive growth to help address global challenges and support a sustainable economic recovery. 'The economic challenges we're facing today make it more important than ever to strengthen international cooperation and enhance coordination between countries and financial institutions at every level. During such meetings, we share the UAE's successful experiences and learn from global best practices to design financial policies that support national economies and drive inclusive, sustainable growth—thereby reinforcing global financial stability and helping build confidence in the global economy,' AlKhoori said. His Excellency also noted that this meeting provided an ideal platform to exchange insights with representatives from other member states on global economic priorities, particularly ahead of the upcoming Spring Meetings of the IMF and World Bank. 'We are committed to supporting international coordination, ensuring that financial policies are well-integrated and effective in strengthening economies at both the national and global levels, while promoting long-term stability and inclusive growth," he added.
See - Sada Elbalad
09-03-2025
- Business
- See - Sada Elbalad
CBE Governor Heads Egypt's Delegation at G20 Meeting in South Africa
Press Statement Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), headed the Egyptian delegation in the first 2025 meeting of the G20 Finance Ministers and Central Bank Governors in South Africa. Egypt's delegation included of Mr. Rami Abulnaga, Deputy Governor of the CBE for Monetary Stability, and Yasser Sobhi, Vice Minister of Finance for Fiscal Policies. The two-day event, addressed South Africa's priorities for its G20 presidency and the future vision for 2025, focusing on the enhancement of economic cooperation to tackle growth challenges, while capitalizing on available opportunities. Additionally, the discussions covered the developments of the international financial architecture, the financial sector issues, and sustainable finance. During the meetings, Mr. Hassan Abdalla, highlighted that the forum provides a valuable platform for participants to discuss current economic and financial issues, exchange expertise, and propose innovative financing solutions to strengthen global development efforts. He also emphasized on the critical role of Multilateral Development Institutions in this regard. In that respect, Abdalla reaffirmed that the G20 can foster a dialogue with Credit Rating Agencies regarding the methodologies related to the Multilateral Development Institutions, as well as capitalizing on the technological advancements in streamlining cross-border payment settlements, while maintaining robust data privacy and security protocols. Furthermore, Abdalla discussed the mechanisms of promoting sustainable finance and considering the associated adverse risks of climate change. He pointed out the necessity of supporting Public-Private Partnerships, availing access to sustainable finance including green bonds, as well as strengthening risk-sharing mechanisms; such as blended finance and credit guarantees. In the same context, Vice Minister of Finance emphasized the need for a balanced and gradual approach for tax reforms, ensuring both the support for economic growth and the reduction of inflationary pressures, thereby fostering economic stability. Mr. Sobhi also highlighted the critical role of digitalization in enhancing the efficiency of tax policies and ensuring robust compliance with them. Furthermore, he stressed on intensifying efforts to establish a more equitable international taxation system, which guarantees each country receives its fair share of financial inflows, aligned with its development needs and priorities. Noteworthy, the Deputy Governor of the CBE participated in the Second G20 Finance and Central Bank Deputies Meeting, where the discussions focused on reviewing and evaluating the operational procedures of the G20 Finance Track workstreams. Moreover, he participated in the First BRICS Finance and Central Bank Deputies (FCBD) Meeting, held on the sidelines of the G20 meetings. The meeting provided an opportunity to review the priorities set by the Brazilian Presidency during its leadership of the BRICS group, with a particular emphasis on the central bank-related issues. Notably, Egypt's participation in the 2025 Meetings of the G20, comes upon the invitation from South Africa, which chairs the G20 during the year from the beginning of December 2024, till the end of November 2025, under the theme 'Solidarity, Equality, Sustainability.' This year marks Egypt's fifth participation in the G20 meetings since the Group's inception, and the third consecutive time.
