Saudi Arabia’s intention to cut spending in 2020 – in addition to planned spending cuts relative to what has been budgeted for 2019 – is credit positive and raises the likelihood of achieving the balanced budget objective by 2023, said Moody’s. The budget for fiscal 2020 is in line with the pre-budget statement issued in November, Moody’s said in a special comment. “However, implementation will be challenging not least because ...