The world economy is facing “severe” economic damage from the coronavirus pandemic that could be even more costly than in 2009 and will require an unprecedented response, IMF chief Kristalina Georgieva said Monday.

Georgieva called on advanced economies to provide more support to low income countries, which face a massive outflow of capital, and said the IMF stands “ready to deploy all our $1 trillion lending capacity.”

As much of the world faces mass shutdowns, Georgieva warned finance ministers from the Group of 20 nations that the outlook for 2020 “is negative — a recession at least as bad as during the global financial crisis or worse.”

The global economy contracted by 0.6 percent in 2009 as a result of the 2008 global financial crisis, but major emerging markets like China and India at the time were growing at a rapid rate.

In contrast, the coronavirus pandemic is causing worldwide economic and human carnage, and some forecasters now say the downturn could be 1.5 percent.

“The human costs of the coronavirus pandemic are already immeasurable and all countries need to work together to protect people and limit the economic damage,” Georgieva was quoted as saying by AFP.

Meanwhile, World Bank Group President David Malpass on Monday said the COVID-19 pandemic will likely hit the poorest countries the hardest, urging stepped-up international support for these countries.

“These are difficult times for all, especially for the poorest and most vulnerable,” Malpass made the remarks at the Group of Twenty (G20) finance ministers and central bank governors’ conference call on the COVID-19 pandemic.

This crisis will likely hit hardest against the poorest and most vulnerable countries, those roughly 25 poorest countries drawing on the World Bank’s International Development Association (IDA), he said.

Making a call to action to the G20, Malpass urged all official bilateral creditors of the poorest countries to act with immediate effect to help IDA countries through debt relief, allowing the countries to concentrate their resources on fighting the pandemic.

“I’m calling on the G20 leaders to allow the poorest countries to suspend all repayments of official bilateral credit, until the World Bank and the IMF (International Monetary Fund) have made a full assessment of their reconstruction and financing needs,” said Malpass.

The World Bank president also noted that the multilateral lender has identified a range of rapid procurement modalities leading to bulk purchases, and it is working together with other multilateral development banks and the IMF to assess needs, implement the new system, and develop co-financing.

Last week, the World Bank announced an increased $14 billion of fast-tracking financing to assist companies and countries in the wake of the rapid spread of COVID-19, up from the previously unveiled $12 billion.

(With agency inputs)