The IMF is proposing up to $50bn in emerging financing for countries stricken by the coronavirus outbreak as the Fund said it would be cutting its economic growth forecast for this year due to the disease.

Kristalina Georgieva, the IMF chief, announced the plan on Wednesday as she warned that more “adverse” scenarios about the spread of the epidemic around the world, and their impact on the global economy, were starting to materialise.

“What we’re doing right now is reviewing country by country what are the financial needs, and engaging with these countries to make sure they are aware of this resource and we can immediately respond to them,” Ms Georgieva said. “We’re in an early stage of engagement, but I can assure you that we will act very quickly as requests come.”