Governments should take measures such as cash distribution and tax relief to deal with the impact of the new coronavirus epidemic, IMF said

International Monetary Fund (IMF) chief economist Gita Gopinath said on Monday that government policymakers will need to implement “a large number of” targeted fiscal, monetary and financial market measures to ease the rapidly spreading economic impact of new coronavirus outbreaks.

In a blog posted on the IMF’s website, Gopinath said her first recommendation was to send cash directly to homes and businesses. She added that a broad interest rate cut may increase confidence to effectively stimulate economic activities , but only if business conditions are normal.

On Tuesday in the Asian session, the stock market generally rose slightly as the market expected policymakers to adopt a stimulus policy to assure some panic selling. The benchmark 10-year U.S. Treasury yield has doubled to 0.68%, and oil prices have risen more than 6%, making people hope that at least in the short term, the market has found a bottom.