She cited data from global banking group the Institute of International Finance showing that investors have pulled nearly $42 billion from emerging markets since the beginning of the crisis.

“We are assembling a Rapid Response Team of doctors and specialists in India, along with testing kits and other equipment. They will be on stand-by, to be placed at your disposal, if required. We had set up an Integrated Disease Surveillance Portal to better trace possible virus carriers and the people they contacted. We could share this Disease Surveillance software with SAARC partners, and training on using this. Looking ahead, we could create a common Research Platform, to coordinate research on controlling epidemic diseases within our South Asian region. The Indian Council of Medical Research can offer help coordinating such an exercise,” said Indian Prime Minister Narendra Modi

With limited testing available, US officials have recorded nearly 3,000 cases and 62 deaths. Globally more than 162,000 are infected and over 6,000 have died.

Some 550 billion euros (USD 614 billion) in government-backed loans that was announced is just “for starters”, said Economy Minister Peter Altmaier at the same press conference.

The move follows similar steps taken earlier in other major markets hit by the spread of COVID-19, including Italy and Spain.

The travel ban excludes Indian and Filipino medical practitioners working in the Kingdom, taking into account the necessary and required precautions, the report said.

What we’re headed for is a market that should begin to settle down (with) investors now expecting the government to get the economic plan in place and get it into law,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.