The COVID-19 pandemic is an “unprecedented situation where a global health pandemic has turned into an economic and financial crisis,” International Monetary Fund Managing Director Kristalina Georgieva stated on Friday. She added the global economic output will contract this year amid the coronavirus pandemic Georgieva also noted that the IMF will come up with more lending options to help the “exceptionally high number” of states that will need economic assistance. The IMF head went on to add the organization will work closely with the International Monetary and Financial Committee and the World Bank. Additionally, she added: “The IMF stands ready to use its US$1 trillion financial capacity to support its member countries.”