The International Monetary Found (IMF) is ready to use its financial capacity of $1 trillion for supporting its member countries against the COVID-19's effects, according to a statement on Friday.

The global pandemic caused an economic and financial crisis in the world, said the statement, issued by the IMF and and International Monetary and Financial Committee jointly.

Saying that its member countries have taken measures to protect people and economy already, the press release underlined: "But more is needed. Priority should be afforded to targeted fiscal support to vulnerable households and businesses to accelerate and strengthen the recovery in 2021."

Despite the largest effects seen in advanced economies, the emerging and developing economies and low-income countries will be hit by the crisis hardly, it urged.

"Many of these countries need help to strengthen their crisis response and restore jobs and growth, given foreign exchange liquidity shortages in emerging market economies and high debt burdens in many low-income countries," it added.

It highlighted: "The IMF stands ready to use its $1 trillion financial capacity to support its member countries."

It also said that the IMF has taken steps for giving relief for debt repayments to its poorest member countries.

Kristalina Georgieva, the managing director of the IMF, said in another press release that emerging markets require $2.5 trillion to tackle the pandemic's effects.