The economic impact of the COVID-19 pandemic is “way worse than the global financial crisis”, the head of the International Monetary Fund (IMF) said on Friday, adding that the organisation is prepared to use its “one trillion dollar war chest” to help the most vulnerable.

IMF Managing Director Kristalina Georgieva said on Friday during a press conference hosted by the World Health Organisation (WHO) that the COVID-19 pandemic is “a crisis like no other”.

“Never in the history of the IMF we have witnessed the world economy coming to a standstill. We are now in recession,” she said.

She added that in the same way the deadly disease hits vulnerable people with pre-existing medical conditions, it has also hitting vulnerable economies the hardest.

“We have a $1 trillion (€930 billions) war chest and we are determined to use as much as necessary in protecting the economy from the scarring of this crisis,” she went on.

Over 90 countries have now asked the IMF for emergency funding, Georgieva also revealed.