Fitch Solutions has downgraded its projections for Egypt’s real GDP growth for the second time in two months to reach 3% in 2021, down from the 3.2 % that in December 2020

Fitch Ratings states Egypt’s new budget, alongside lower electricity and fuel subsidies demonstrate continued commitment to fiscal consolidation and economic reform, backed by the country's IMF program, Invest-Gate reports.

Fitch Ratings downgrades Saudi Arabia by one notch to A+ with a stable outlook from AA- with a negative outlook, citing deterioration of state finances due to low oil prices and doubts over whether Riyadh can achieve its economic reform plans, Invest-Gate reports.