"It is clear that the world has entered a recession as bad or worse than the global financial crisis," International Monetary Fund's (IMF) Managing Director Kristalina Georgieva said on Friday.

Additional takeaways

"Recovery projected in 2021, but only if the virus can be contained and can prevent liquidity problems from becoming solvency issues."

"Recession for 2020 expected to be quite deep."

"Countries should step response measures aggressively."

"IMF considering whether to expand the use of precautionary credit lines, bring forward liquidity provisions."

"IMF has received pledges from Britain, Japan, China for catastrophic containment and relief trust for poorest countries."