IMF announces $ 50 billion Coronavirus mitigation plan

Kristalina Georgieva, Managing Director of the International Monetary Fund, speaks at the Global Women's Forum on February 16, 2020, in the Dubai Emirate of Dubai.

KARIM SAHIB | AFP via Getty Images

The International Monetary Fund's president, Christina Anna Georgia, announced Wednesday a $ 50 aid package to help fight the .

George O. CNBC's "Pumpkin lane"The money is available" immediately "and is used in low-income and emerging countries.

Georgia said most of the funds will be interest-free and countries can participate without having to establish a pre-existing with the .

"What we are currently doing is reviewing financial needs on a -by- basis and working with those countries to ensure that they know about this resource and we can respond to it immediately," Georgieva said. "We are in the stages of engagement, but I can assure you that we will act quickly as required."

"We are facing a general weakening of demand," George said at an event in Washington, DC, on Wednesday, "through confidence and through spillover channels including trade and tourism, commodity prices, tightening financial conditions, etc. of.

She added: "They called for further policy responses to support demand and ensure an adequate supply of credit."

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