Ms Georgieva said the outlook for global growth was negative and the International Monetary Fund now expected "a recession at least as bad as during the global financial crisis or worse".
In a statement after a call with finance ministers of G20 nations, International Monetary Fund chief Kristalina Georgieva said that the world will have to face severe economic damage due to the pandemic but there might be signs of recovery in 2021.
It, however, expects a recovery in 2021, adding: "To get there, it is paramount to prioritise containment and strengthen health systems-everywhere".
He highlighted that the G20 should be ready to undertake further emergency response to address this global crisis and set a vision for the medium-and long-term actions that will foster a rapid recovery in the economy and catalyze the potential for stronger economic growth.
Numerous world's wealthiest nations have already established swap lines, including the USA federal reserve.
Georgieva said she welcomed efforts from central banks such as the Federal Reserve to blunt the economic damage by keeping cash and credit flowing. She also praised countries that have addressed the crisis with fiscal spending but said more will be needed.
"Advanced economies are generally in a better position to respond to the crisis".
Pointing out that many emerging economies and low-income countries face significant challenges, Ms Georgieva noted that $83 billion had flown out of emerging markets since the beginning of the crisis, which was "recorded as the largest capital outflow ever".
"We will massively step up emergency finance - almost 80 countries are requesting our help - and we are working closely with the other worldwide financial institutions to provide a strong coordinated response", she said.
Georgieva issued the new outlook after a conference call of finance ministers and central bankers from the Group of 20 of the world's largest economies, who she said agreed on the need for solidarity across the globe. And we are looking at other available options. As a global liquidity crunch takes hold, we need members to provide additional swap lines. The virus - which has spread to 168 nations, killed more than 16,000 people across the world and infected over 3,80,000 - has put huge pressure on healthcare systems. Again, we will be exploring with our Executive Board and membership a possible proposal that would help facilitate a broader network of swap lines, including through an IMF-swap type facility.
"Coordination in making sure that not only the developed countries can respond effectively to the disease, but that there is massive support to the developing world not to let the disease spread like wildfire", he said.