Lausanne, May 16 (IANS): The International Gymnastics Federation (FIG) has said that a solidarity fund will be set up to support athletes affected by the COVID-19 pandemic.

The special fund will be managed by the FIG Foundation for Solidarity. Up to 400,000 Swiss Francs ($412,000) will be provided to athletes and national gymnastics federations who have been severely hit by the economic repercussions of the crisis which has claimed more than 3 lakh lives across the world thus far.

FIG President Morinari Watanabe called the initiative "a valuable example of solidarity and friendship" in the sport when presenting it at the FIG Executive Committee videoconference meeting on Friday.

"This grave crisis plunges the world into a period of uncertainty. We cannot wait until the situation for some of us becomes catastrophic before we act and offer our support," said Watanabe.

"We know how strong the spirit of solidarity is in gymnastics. More than ever, it is by being united that we can overcome this crisis."

In addition, FIG also decided to exempt all its member federations from paying their annual membership fees for 2020.