The coronavirus pandemic has driven the global economy into a crash that will require massive funding to help developing nations, IMF chief Kristalina Georgieva warned on Friday.

"It is clear that we have entered a recession" that will be worse than that after the 2008 global financial crisis, she said in an online press briefing. 

The warning came as the IMF and the World Bank released a joint statement calling for global governments to put debt repayments on hold, to help developing nations. 

"The World Bank Group and the IMF believe it is imperative at this moment to provide a global sense of relief for developing countries as well as a strong signal to financial markets," the Washington DC-based organizations said.

Eighty nations have already asked the IMF for emergency funds, Georgieva said. 

The World Bank and IMF estimated at least $2.5 trillion will be needed to shore up developing economies and put a stop to market falls.