SAMA Launches Twenty Riyal Banknote Marking Saudi Arabia’s Presidency of G20

The Twenty Saudi Riyal banknote, marking Saudi Arabia’s presidency of the G20 summit. (SAMA)
The Twenty Saudi Riyal banknote, marking Saudi Arabia’s presidency of the G20 summit. (SAMA)
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SAMA Launches Twenty Riyal Banknote Marking Saudi Arabia’s Presidency of G20

The Twenty Saudi Riyal banknote, marking Saudi Arabia’s presidency of the G20 summit. (SAMA)
The Twenty Saudi Riyal banknote, marking Saudi Arabia’s presidency of the G20 summit. (SAMA)

The Saudi Arabian Monetary Authority (SAMA) announced on Saturday its intention to release a Twenty Saudi Riyal banknote, marking Saudi Arabia's presidency of the G20 summit.

SAMA said the commemorative banknote is going to be put into circulation by Sunday, together with the other current banknotes as an official legal banknote.

SAMA revealed that this banknote was printed according to the latest standards in the field of banknote printing, as it is characterized by many technical specifications, high-quality security features and a distinctive design in purple color that highlights the artistic decorations inspired by the logo of G20.

The design of the new banknote carries the picture of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz on the front side with a slogan of Saudi Presidency of G20 in 3D design, added SAMA in a statement.

The back of the banknote carries a map of the world, depicting the G20 countries in a different color. Saudi Arabia’s map appears with emanated beams symbolizing the meeting venue of countries and the importance of the Kingdom as a source of civilization and economic hub.



IMF Says US Tax, Spending Bill Runs Counter to Deficit-Cutting Advice

 Pens lay on a table before House Speaker Mike Johnson, R-La., arrives to sign President Donald Trump's signature bill of tax breaks and spending cuts, Thursday, July 3, 2025, at the Capitol in Washington. (AP)
Pens lay on a table before House Speaker Mike Johnson, R-La., arrives to sign President Donald Trump's signature bill of tax breaks and spending cuts, Thursday, July 3, 2025, at the Capitol in Washington. (AP)
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IMF Says US Tax, Spending Bill Runs Counter to Deficit-Cutting Advice

 Pens lay on a table before House Speaker Mike Johnson, R-La., arrives to sign President Donald Trump's signature bill of tax breaks and spending cuts, Thursday, July 3, 2025, at the Capitol in Washington. (AP)
Pens lay on a table before House Speaker Mike Johnson, R-La., arrives to sign President Donald Trump's signature bill of tax breaks and spending cuts, Thursday, July 3, 2025, at the Capitol in Washington. (AP)

The massive US tax and spending bill slated for a final vote in Congress runs counter to the International Monetary Fund's recommendations that Washington reduce fiscal deficits over the medium term, IMF spokesperson Julie Kozack said on Thursday.

Kozack told a regular news briefing that there was a broad consensus that the Republican bill will add to US fiscal deficits, while the US needs to start a fiscal consolidation.

"From the IMF side, we have been consistent in saying that the US will need to reduce its fiscal deficit over time to put public debt-to-GDP on a decisive downward path," Kozack said. "Of course, the sooner that process starts to reduce the deficit, the more gradual the deficit reduction can be over time."

Kozack said that there were many policy options for the US to reduce deficits and debt, adding: "It is, of course, important to build consensus within the United States about how it will address its these chronic fiscal deficits."

In recent years, the IMF has recommended that the US raise taxes, including on middle income earners, to close fiscal deficits. The Republican tax bill extends 2017 tax cuts and adds new tax breaks for many Americans.

The IMF advice is at odds with the views of US Treasury Secretary Scott Bessent, who has consistently said that he disagrees with traditional budget forecasts and believes that the so-called "One Big Beautiful Bill Act" will spur additional US economic growth that will boost revenues.

The United States is the biggest shareholder of the IMF. Bessent, who manages the US stake, has criticized the Fund for straying too far from its core economic stability and surveillance missions.

Kozack said that the IMF was examining details of the US legislation and the likely impact on the economy, and will incorporate its analysis into the late July update of its World Economic Outlook global growth forecasts.

The forecasts also will assess the state of play on US tariffs, after President Donald Trump's July 9 deadline to subject many countries to sharply higher duties unless they agree trade deals.