WASHINGTON -- The International Monetary Fund (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, the two multilateral institutions said in a joint statement Monday.

"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," the statement read.

"We will use our available instruments to the fullest extent possible, including emergency financing, policy advice, and technical assistance," the statement read. "In particular, we have rapid financing facilities that, collectively, can help countries respond to a wide range of needs."

The two multilateral institutions noted that international cooperation is "essential" to deal with the health and economic impact of the COVID-19 virus.