The International Monetary Fund (IMF) is ready to mobilize $1 trillion in lending capacity to help member countries fight the coronavirus outbreak, the fund’s chief said on Monday. 

The IMF firstly can deploy an emergency response toolkit to help countries with urgent balance of payment needs, Kristalina Georgieva wrote in a blog post on the IMF website.

She pointed to the necessity of additional fiscal stimulus by governments to prevent lasting economic damage.

Beyond positive individual country actions, the case for a coordinated and synchronized global fiscal stimulus is growing stronger by the hour, Georgieva said.

She added that

Read more: 'IMF can mobilize $1T lending capacity over COVID-19'