IMF has $1tn war chest for fighting the coronavirus

The managing director of the IMF said on Friday that her organisation had a $1tn war chest set aside to protect the economy from the effects of the coronavirus.

Speaking at a World Health Organisation briefing in Geneva, the IMF's Kristalina Georgieva said that vulnerable economies were most at risk in the crisis and urged countries to prioritise health spending as a means to protecting their economies.

Georgieva also emphasised the risk of bankruptcies and layoffs which could follow the initial wave of the crisis if not managed correctly, and which would make economic recovery even harder.

The spread of COVID-19 has already had significant economic impact, ending the United States' record job growth and causing stocks to fall across the world as economies grind to a halt.