The International Monetary Fund has announced $50 billion (£39bn) in funding for countries to help fight the coronavirus.

Most of the money will be interest-free, and countries do not need to have a preexisting program with the IMF to participate. The World Bank has committed $12bn (£9.4bn) in aid for developing countries grappling with the spread of the coronavirus.

The emergency package includes low-cost loans, grants, and technical assistance.

There are more than 90,000 confirmed cases of the coronavirus around the world, and the outbreak has spread to six continents. The epidemic has led to severe travel restrictions in key economic hubs in China and Italy.

On the other hand, the US House of Representatives announced $8.3 billion in emergency aid.

The House passed a bill on Wednesday allocating more than $8 billion in emergency funds to combat the spread of the deadly coronavirus.

It is pertinent to remember that more 48 people have died from the Coronavirus in China, 34 in South Korea and 15 in Iran. The first death from the virus has also been reported in Iraq. The number of Coronavirus patients in India is 29 and in the US 137.

The death toll from the deadly virus worldwide has reached 3200 while the number of victims has exceeded 94,000.