Latest news with #G20FinanceMinistersandCentralBankGovernorsMeeting
Saudi Gazette
2 days ago
- Business
- Saudi Gazette
Saudi finance minister calls for urgent reform of global trade system at G20 summit
Saudi Gazette report CAPE TOWN — Saudi Finance Minister Mohammed Al-Jadaan emphasized the urgent need to accelerate reform of the global trade system in response to shifting economic realities, during the third G20 Finance Ministers and Central Bank Governors Meeting held under South Africa's presidency on July 17–18. 'The fiscal space is shrinking at a time when financing needs are growing, leading to higher borrowing costs and mounting pressure on both governments and the private sector,' Al-Jadaan said during his address. He welcomed the G20 note on lessons learned from the Common Framework cases and the accompanying debt treatment steps document, noting their importance in strengthening transparency and predictability. He also stressed the need to continue supporting countries facing financial stress or short-term liquidity challenges. On the sidelines of the G20 meetings, Al-Jadaan held bilateral talks with several finance ministers to discuss global economic developments and topics of mutual meeting, hosted in KwaZulu-Natal, South Africa, brought together G20 finance ministers, central bank governors, invited country representatives, and heads of international and regional financial institutions.
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
Abdalla 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), headed Egypt's delegation at the third G20 Finance Ministers and Central Bank Governors Meeting (FMCBG), hosted by South Africa on 17–18 July. The Egyptian delegation included Yasser Sobhi, Deputy Minister of Finance for Fiscal Policies; Menna Allah Farid, CBE Assistant Governor for External Relations; and Alaa Abdel Rahman, Advisor to the Minister of Finance for International Institutions. Abdalla participated in discussions covering macroeconomic developments, the global financial architecture, sustainable finance, Africa's development priorities, and issues relating to the financial sector and financial inclusion. During the sessions, Abdalla highlighted ongoing pressures on the global economy resulting from heightened geopolitical tensions and trade conflicts, stressing the urgent need for coordinated and balanced monetary and fiscal policies to preserve macroeconomic stability. He underscored the importance of anchoring inflation expectations and enhancing liquidity management as key foundations for building economic resilience. In this context, the Governor called for reforming and modernising multilateral financial institutions to improve their efficiency and responsiveness. He urged them to embrace innovative financial tools designed to attract private sector investment, including the reallocation of Special Drawing Rights (SDRs) to support development finance in lower-income and vulnerable countries. Abdalla also stressed the need for comprehensive reform of the global financial architecture, particularly to strengthen the voice and representation of African countries. He advocated for establishing a clear and transparent monitoring and follow-up framework to ensure that proposed reforms lead to tangible, sustainable outcomes. Addressing systemic risks, Abdalla drew attention to the rapid expansion of non-bank financial institutions and the gaps in existing regulatory frameworks. He warned that without effective oversight, these trends could undermine global financial stability, and he called for greater international coordination among regulators to mitigate potential risks. On debt sustainability, Abdalla emphasised the importance of stronger dialogue and cooperation among creditor and debtor nations, credit rating agencies, and international financial institutions to develop integrated and holistic debt management strategies. He advocated for extending the scope of the G20's 'Common Framework' for debt treatment to include middle-income countries that face comparable vulnerabilities. He also urged the adoption of innovative financing mechanisms to reduce debt burdens and support sustainable development. Further, Abdalla called for expanding access to concessional and blended finance for developing countries, stressing the need for nationally led frameworks that align external funding with domestic development priorities. He also highlighted the importance of harmonising environmental classifications across jurisdictions and developing risk-sharing tools to attract more sustainable and green investments. The Governor noted that many developing economies still face significant challenges, including persistent inflationary pressures, a shortage of green finance instruments, and limited flows of sustainable investment projects. He argued that addressing these challenges is essential for delivering on global climate and development commitments. In discussing Africa's development, Abdalla underlined the need to deepen local financial markets and broaden the adoption of advanced technologies—including artificial intelligence—to improve productivity and enhance the quality of financial services. He emphasised that public–private partnerships are critical to delivering strategic infrastructure projects, particularly those with cross-border dimensions that can advance regional integration and trade. Abdalla reiterated Egypt's support for the proposed programme to strengthen cooperation between the G20 and Africa in infrastructure, climate action, and technological innovation over the 2026–2030 period. He stressed that sustained collaboration between African economies and G20 members is vital to achieving shared development goals. Concluding his remarks, Abdalla reaffirmed that financial inclusion remains a cornerstone for fostering equitable and inclusive economic growth. He called for measures to expand non-financial services for small and medium-sized enterprises (SMEs), simplify know-your-customer (KYC) procedures to ease access to financial services, and create reliable, comprehensive databases. Additionally, he emphasised the importance of developing alternative credit assessment models to serve underserved populations while addressing potential bias and exclusion risks associated with artificial intelligence and digital tools. In parallel, Yasser Sobhi, Deputy Minister of Finance, took part in multiple sessions, including discussions on strengthening cooperation between the G20 and the 'Compact with Africa' initiative. This initiative aims to accelerate structural reforms, boost private sector participation, and attract higher flows of foreign direct investment to African and emerging economies. Sobhi also participated in sessions focusing on infrastructure investment and international taxation. Discussions highlighted the crucial role of the private sector in financing and executing infrastructure projects. Participants stressed the need to create a fair and balanced international tax system that reflects the interests of both developed and emerging economies, ultimately promoting tax justice and supporting sustainable revenue generation for developing countries. Menna Allah Farid, Assistant Governor for External Relations at the CBE, attended a session where the G20 African Experts Group presented its recommendations. She welcomed the experts' work to bring forward African perspectives on global economic issues and endorsed proposals to broaden the 'Common Framework' for debt treatment, mobilise additional development finance, optimise the use of Africa's natural and financial resources, and reassess credit rating methodologies that often disadvantage African countries. Farid called on the G20 to integrate these recommendations into its financial track agenda to ensure concrete benefits for the African continent. Looking ahead, the fifth G20 Deputy Finance Ministers and Deputy Central Bank Governors Meeting is scheduled for October 2025, alongside the fourth G20 Finance Ministers and Central Bank Governors Meeting. Both events will take place in Washington, D.C., on the sidelines of the IMF and World Bank annual meetings, where discussions will continue on global financial reform, sustainable finance, and inclusive growth strategies.
See - Sada Elbalad
4 days ago
- Business
- See - Sada Elbalad
IMF to G20: Resolving Global Trade Tensions Safeguards Growth
Taarek Refaat The International Monetary Fund (IMF) has urged G20 finance ministers and central bank governors to give immediate attention to resolving global trade tensions, warning that prolonged friction poses a direct threat to global economic growth and financial stability. In a prepared statement published on the IMF's website, Gita Gopinath, First Deputy Managing Director, emphasized that policy uncertainty was a central theme at the third G20 Finance Ministers and Central Bank Governors Meeting held in South Africa. She stressed that effective international cooperation is key to overcoming ongoing challenges. 'The persistence of trade tensions, coupled with weakening demand and growing uncertainty, especially in the U.S. and China, has weighed down global growth prospects,' Gopinath said. According to the IMF's April projections, the global economy is expected to grow by just 2.8% in 2025 and 3.0% in 2026, well below the historical average of 3.7%. The Fund noted shifts in global trade patterns, such as accelerated imports ahead of tariff impositions, a pivot in trade flows toward new partners, and the positive impact of some trade agreements in lowering average tariffs and improving financial conditions. On inflation, Gopinath observed that slowing demand and energy prices have helped contain price pressures, although inflationary dynamics still vary significantly between countries. She called on policymakers to implement structural reforms, rebuild fiscal buffers, ensure public debt sustainability, preserve central bank independence, and tailor monetary policy to country-specific conditions. Regarding domestic revenue mobilization, Gopinath noted that low-income countries could boost revenues by up to 7% of GDP if they fully harness their tax potential. The IMF reiterated its commitment to supporting efforts to improve public spending efficiency, strengthen government investment management, and enhance state institutions, especially in light of constrained fiscal environments and the pursuit of Sustainable Development Goals (SDGs). The message from the IMF is clear: resolving trade tensions and reinforcing macroeconomic fundamentals is critical to restoring investor confidence, ensuring stability, and unlocking long-term, inclusive global growth. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Sports Get to Know 2025 WWE Evolution Results News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
Japan Forward
30-04-2025
- Business
- Japan Forward
Work Beyond G20 to Counter Trump's Currency Demands
このページを 日本語 で読む What does Donald Trump's administration want from Japan regarding its exchange rate policy? As long as that is not made clear, we cannot afford to let our guard down. Finance Minister Katsunobu Kato flew to the United States to attend the two-day G20 Finance Ministers and Central Bank Governors Meeting from April 23 to April 24. However, after the G20 summit concluded, he met separately with US Treasury Secretary Scott Bessent. The two reportedly discussed exchange rate policy, one of the topics raised in US-Japan tariff negotiations. US President Donald Trump has been adamant in calling for a weaker dollar to boost American exports. Nevertheless, at the meeting, Bessent did not raise any hardline measures, such as setting an exchange rate target or establishing a currency agreement — steps that Japan is currently wary of. Instead, both Japan and the US reaffirmed their commitment to allowing exchange rates to be determined by the market, in line with the G7 agreement. The worst-case scenario has not materialized for the time being, but bilateral currency negotiations are set to continue. There is also the possibility that Trump may harden his stance. Come what may, Japan must not waver and maintain its stance of rejecting unjust demands. Trump has, on more than one occasion, singled out Japan for allegedly encouraging a weaker yen. However, that accusation is a complete distortion of the actual situation. This is evident from the decisive policy measures the Japanese government has taken to counter the yen's rapid depreciation. There has reportedly been discussion within the Trump administration of policy coordination similar to the Plaza Accord of 1985 designed to weaken the dollar. However, the economic situation today is quite different from how it was 40 years ago. The effects of foreign exchange intervention would undoubtedly be limited. The Bank of Japan head office in Chuo-ku Tokyo, March 19, 2024. (©Kyodo) G7 countries share the view that market prices should not be manipulated artificially unless abrupt fluctuations are causing severe damage to an economy. That should be the basis for any negotiations. The concern is that the United States will step up pressure to induce a stronger yen and thereby restrict Japan's monetary policy. For example, interest rates have a major impact on creating a strong yen. Might not Trump exert pressure to have the Bank of Japan (BOJ) raise Japan's interest rates? Trump has already urged Federal Reserve Board Chairman Jerome Powell to resign due to Trump's dislike for the FRB's monetary policy. In the end, although Powell refused to resign, Trump's high-handed behavior caused considerable confusion in the markets. Japan's negotiators should emphasize this point. Meanwhile, the G20 summit failed to issue a final joint statement or chair's summary. Participating countries repeatedly noted the negative impact that the US tariff policy has had on the economy. Many countries are currently negotiating with the US. Consequently, it will be difficult to find consensus in a forum that also includes China, which has taken countermeasures in response to the US tariffs. We would like to see Japan address the uncertainty gripping the global economy by transcending the G20 framework and working with a wide range of countries, including those in Europe and Southeast Asia. Author: Editorial Board, The Sankei Shimbun このページを 日本語 で読む
Argaam
28-02-2025
- Business
- Argaam
PPP model allows private sector to develop infrastructure with govt: Al-Jadaan
Minister of Finance Mohammed Al-Jadaan said Saudi Arabia adopted a public-private partnership (PPP) model, allowing private entities to collaborate with the government in developing and managing infrastructure projects. Speaking at the G20 Finance Ministers and Central Bank Governors Meeting, Al-Jadaan highlighted key initiatives such as the National Center for Privatization and the National Infrastructure Fund, which focus on attracting private investments in sectors like transportation, water, and energy. The minister emphasized that the global economy is at a critical crossroads. "The challenges, including slow growth and high debt, are intensifying due to economic fragmentation and trade tensions, highlighting the urgent need for effective coordination and multilateral cooperation," he noted. Al-Jadaan also noted the resilience of the economies in the MENA region despite their successive challenges, highlighting the opportunities and potential that the countries in the region possess for progress and prosperity. He explained that what happens in the region has a significant impact on the international stage.
