Two top international financial institutions, the International Monetary Fund (IMF) and the World Bank, expressed readiness to provide assistance to their member states to combat the novel coronavirus and the challenges posed by the virus, stressing that strengthening of healthcare surveillance and response systems is crucial for that.

“The IMF and the World Bank Group stand ready to help our member countries address the human tragedy and economic challenge posed by the COVID-19 virus. We are engaged actively with international institutions and country authorities, with special attention to poor countries where health systems are the weakest and people are most vulnerable,” IMF’ Managing Director Kristalina Georgieva and World Bank Group President David Malpass said in a joint statement on Tuesday.

Addressing media in Washington, they said the two institutions would use their available instruments “to the fullest extent possible, including emergency financing, policy advice and technical assistance.”

“In particular, we have rapid financing facilities that, collectively, can help countries respond to a wide range of needs. The strengthening of country health surveillance and response systems is crucial to contain the spread of this and any future outbreaks,” they said, adding:

“International cooperation is essential to deal with the health and economic impact of the COVID-19 virus. The IMF and the World Bank Group are fully committed to provide the support that people in our member countries expect from us.”