Hong Kong (CNN Business) Half of the world's countries have approached the International Monetary Fund for emergency loans to weather the financial crisis sparked by the global coronavirus pandemic.

More than 100 countries so far have asked for emergency assistance, Kristalina Georgieva, IMF's managing director, told a meeting of G20 finance ministers and central bank governors on Wednesday.

She said the IMF is ready to use its "full toolbox and $1 trillion firepower" of lending capacity, noting that 10 countries have so far received emergency funding, and half of the remaining countries should receive their requested financial lifelines by the end of April.

Georgieva's comments come after the fund issued a stark warning that the global economy is on track for the deepest downturn since the 1930s and governments and health officials must work together to prevent an even worse outcome.

The IMF head said "everything is on the table in terms of measures we can take," and encouraged central banks to "spend as much as you can."

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