The head of the World Bank has warned that the coronavirus crisis threatens to push some 60 million people into extreme poverty, wiping out the gains made over the past three years.

The global lending institution is already financing aid programs in 100 countries, under its commitment to spend $160 billion over the next 15 months, bank president David Malpass said Tuesday.

Malpass said the bank anticipates a five percent contraction in the world economy this year, with severe effects on the poorest countries.

"Our estimate is that up to 60 million people will be pushed into extreme poverty, erasing all the progress made in poverty alleviation in the past three years, and our forecasts indicate a deep recession," Malpass said.

But Malpass stressed that the World Bank's efforts alone were insufficient, and urged donor nations to step up bilateral aid to poorer countries to ensure a durable recovery.

He said restoring the flow of remittance payments and tourism -- key sources of income for developing countries -- would be "critical steps in the reopening."