Middle-income countries lost 50% of revenues due to coronavirus: Official

Middle-income countries lost 50% of revenues due to coronavirus: Official

Revenues of middle-income countries have dropped by about 50 percent due to the repercussions of the coronavirus, said Fathuhulla Jameel, the commissioner-general of Taxation at the Maldives Inland Revenue Authority.

Jameel's statement was in response to an Ahram Online question, during a virtual panel on Friday focusing on supporting revenue administrations to operate through the COVID-19 pandemic, on how middle-income countries can cope with decreasing revenues as a result of the pandemic.

The virtual panel is part of the ongoing International Monetary Fund (IMF) and World Bank Group (WBG) annual meetings (autumn meetings).

The IMF has classified Egypt as a middle-income country.

Jameel added that these countries are in dire need for restructuring their expenditures to address such a serious issue and they need to obtain more funds