WASHINGTON - The policy-setting body of the International Monetary Fund (IMF) on Wednesday pledged to provide necessary support to mitigate the economic and financial impact from the ongoing COVID-19 epidemic.

"The economic and financial impact has also been felt globally, creating uncertainty and damaging near-term prospects," the International Monetary and Financial Committee (IMFC) said in a statement after holding a teleconference call, chaired by Governor of the South African Reserve Bank Lesetja Kganyago and Managing Director of the IMF Kristalina Georgieva.

We have called upon the IMF to use all its available financing instruments to help member countries in need

IMFC said in a statement 

"We have called upon the IMF to use all its available financing instruments to help member countries in need," the IMFC said, adding that the IMF's 189 member countries "stand united" to address the global challenges related to the COVID-19 epidemic.

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"We are confident that, working together, we will overcome the challenge facing us and restore growth and prosperity for all," the IMFC said.

Following the conference call, the IMF announced that it is making available about 50 billion US through its rapid-disbursing emergency financing facilities for low-income and emerging market countries in light of the COVID-19 outbreak.

"We know that the disease is spreading quickly. With over one-third of our membership affected directly, this is no longer a regional issue -- it is a global problem calling for a global response," Georgieva said Wednesday at a joint press conference with World Bank Group President David Malpass.

The IMF chief said she is "particularly concerned about our low-income and more vulnerable members -- these countries may see financing needs rise rapidly as the economic and human cost of the virus escalates."

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The World Bank Group also announced Tuesday that it is making available an initial package of up to 12 billion dollars in immediate support to assist countries coping with the health and economic impacts of the COVID-19 outbreak.

In January, the IMF had projected global growth to improve to 3.3 percent this year from 2.9 percent last year. Then in February, it revised down 2020 global growth to 3.2 percent.

"Under any scenario, global growth in 2020 will drop below last year's level," Georgieva said at Wednesday's press conference. ere was no danger to other students, according to the Ministry of Education.