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.
