Latest news with #MultilateralDevelopmentInstitutions
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.
Daily News Egypt
09-03-2025
- Business
- Daily News Egypt
CBE Governor leads Egypt's delegation at G20 Finance Ministers, Central Bank Governors' meeting in South Africa
Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), led Egypt's delegation at the first 2025 meeting of the G20 Finance Ministers and Central Bank Governors, held in South Africa. The delegation included Rami Abulnaga, Deputy Governor of the CBE for Monetary Stability, and Yasser Sobhi, Vice Minister of Finance for Fiscal Policies. The two-day meeting focused on South Africa's priorities for its G20 presidency and the long-term vision for 2025, emphasizing economic cooperation to address growth challenges and leverage global opportunities. Discussions also covered developments in the international financial architecture, financial sector issues, and sustainable finance. During the sessions, Abdalla highlighted the significance of the forum as a platform for addressing global economic and financial challenges, exchanging expertise, and proposing innovative financing solutions to support development efforts. He underscored the critical role of Multilateral Development Institutions in advancing these goals. He also reaffirmed that the G20 can facilitate dialogue with Credit Rating Agencies regarding the methodologies applied to Multilateral Development Institutions. Additionally, he stressed the importance of utilizing technological advancements to streamline cross-border payment settlements while ensuring robust data privacy and security. Addressing sustainable finance, Abdalla emphasized the need to promote Public-Private Partnerships and expand access to sustainable financing tools, including green bonds. He also advocated for stronger risk-sharing mechanisms, such as blended finance and credit guarantees, to mitigate climate-related financial risks. Vice Minister of Finance Yasser Sobhi echoed these priorities, emphasizing the importance of a balanced and gradual approach to tax reforms. He highlighted the need to support economic growth while curbing inflationary pressures to ensure financial stability. Sobhi also stressed the role of digitalization in enhancing tax policy efficiency and compliance. Furthermore, he called for intensified efforts to establish a more equitable international taxation system that guarantees fair financial inflows for all countries in alignment with their development priorities. On the sidelines of the G20 meetings, Deputy Governor Rami Abulnaga participated in the Second G20 Finance and Central Bank Deputies Meeting, where discussions focused on reviewing and evaluating the operational procedures of the G20 Finance Track workstreams. He also attended the First BRICS Finance and Central Bank Deputies (FCBD) Meeting, which provided an opportunity to discuss the priorities set by the Brazilian Presidency of BRICS, particularly those related to central banking. Egypt's participation in the 2025 G20 meetings comes at the invitation of South Africa, which assumed the G20 presidency in December 2024 and will lead the group until November 2025 under the theme 'Solidarity, Equality, Sustainability.' This marks Egypt's fifth participation in the G20 meetings and its third consecutive year attending.
