By George Mwangi

Special to Dow Jones Newswires

The International Monetary Fund approved proposals to enhance emergency financing to $100 billion to meet its members' demands due to coronavirus pandemic, the fund said Friday.

The funds will be channeled through the rapid financing instrument to all members, and rapid credit facility available only to low-income countries eligible for concessional financing, the IMF said in a statement.

"As we are responding to this unprecedented number of calls for emergency financing -- from over 90 countries so far -- doubling access to our emergency facilities will help us to meet the expected demand of about $100 billion in financing and provide stronger support to our member countries in addressing the COVID-19 crisis," IMF Managing Director Kristalina Georgieva said.

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(END) Dow Jones Newswires

April 09, 2020 19:34 ET (23:34 GMT)