The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on Wednesday urged G20 countries to act quickly to help the poorest countries facing "a devastating double shock" caused by the pandemic.

"This is a critical moment that calls for urgent action on the part of the G20 and policymakers around the world," he said in a text posted on the IMF 'blog' ahead of the G20 Finance meeting, which begins Friday in Italy.

"The poorest nations are faced with a devastating double shock: they risk losing the race against the virus, and they may lose the opportunity to join a historic transformation towards a new, more 'green' and digital economy," Georgieva added.

The Washington-based institution notes "an intensification" of inequalities in economic recovery around the world, with the United States and China experiencing the fastest growth, while many countries remain stuck in crisis because of an unending pandemic due to a lack of ability to vaccinate their population.

"The G20 can make a difference," the IMF noted, stressing the need for a multilateral approach to sharing vaccines, financing for vaccination, and investments to accelerate their production.

According to IMF estimates, that the countries with the weakest incomes need $200 billion just for the fight against the pandemic.

In addition, an additional $250 billion is needed "to have the budgetary space necessary for transformation and to get back on the recovery path that allows for higher income levels," she said.

The G20's move to suspend debt servicing allowed "fiscal slack," the IMF noted.

"But given the need for permanent debt relief, we have to make the new common framework fully operational," Georgieva recommended.