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Gopinath added that emerging markets and developing economies \"face additional challenges with unprecedented reversals in capital flows as global risk appetite wanes, and currency pressures, while coping with weaker health systems, and more limited fiscal space to provide support.\"

On Monday, the IMF also announced it would provide debt relief to 25 countries through its Catastrophe Containment and Relief Trust.

\"This provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts,\" Kristalina Georgieva, the managing director of the IMF, said in a statement.

The CCRT can provide up to $500 million in \"grant-based debt service relief,\" Georgieva added. Among the countries to receive the debt relief are Afghanistan, Sierra Leone and Yemen. =

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