The extent of the damage to the global economy caused by novel coronavirus COVID-19 moved further into focus when UN economists announced a likely $50 billion drop in worldwide manufacturing exports in February alone.

In remarks made at a joint press conference with the head of the World Bank Group, the IMF Managing Director, Kristalina Georgieva, said that the UN-backed global funds would make up the shortfall, in effect, by offering to inject around $50 billion into low-income and emerging market nations, pending requests for support.

"Thanks to the generosity of our shareholders, we have about $1 trillion in overall lending capacity", she said. "For low-income countries, we have rapid-disbursing emergency financing of up to $10 billion (50 percent of quota of eligible members) that can be accessed without a full-fledged IMF programme." (Read more)