Government policymakers will need to implement “substantial” targeted fiscal, monetary and financial market measures to combat the economic impact from the rapidly spreading coronavirus, International Monetary Fund chief economist Gita Gopinath said on Monday.

In a blog posting on the IMF’s website, Gopinath said her top recommendations involved putting cash directly into the hands of households and businesses. Broad interest rate cuts may instill confidence but would be effective in stimulating activity only once business conditions normalize, she added.