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 increased coordinated action will be key to boosting confidence and providing stability to the global economy as the virus spreads.

Georgieva called on central banks to continue to support demand and boost confidence by easing financial conditions.

She also recommended financial system supervisors aim to maintain the balance between preserving financial stability, maintaining banking system soundness, and sustaining economic activity.

Many countries have taken measures to combat the economic damage wreaked by the virus that emerged in China last December.

Besides killing over 6,400 people, it has affected global stock markets, as well as resulted in a fall in crude oil prices.

Policy rate cuts have been announced by the U.S. Federal Reserve and the Bank of England in the U.K.

In response to the pandemic, the British government also presented a fiscal stimulus package of £30 billion ($38.7 billion) "to support British people, British jobs and British businesses through this moment.”