The first two stages of the plan have already been enacted in April, with FIFA releasing advance payments of $500,000 (£402,000/€445,000) to its 211 member associations.

In stage three, approved by the Council during an online meeting, further financial support will be provided through a system of grants and loans. 

A universal solidarity grant of $1million (£805,000/€891,000) will be made available to all member associations, with an additional grant of $500,000 allocated specifically to women’s football. 

In addition, each Confederation will receive a grant of $2 million (£1.6 million/€1.8 million)

Member associations will also be able to apply for interest-free loans amounting to up to 35 per cent of their audited annual revenues. 

A minimum loan of $500,000 and a maximum loan of $5million (£4million/€4.4million) is due to be available.

Each Confederation will have access to a loan of up to $4 million (£3.2million/€3.5million)

A Steering Committee is set to be formed to ensure there are strict controls on the use of funds, audit requirements and clear loan repayment conditions.

FIFA Governance Committee deputy chairman Olli Rehn has been appointed to lead this Committee. 

He is also the Governor of the Bank of Finland, a member of the Governing Council of the European Central Bank and a former vice-president of the European Commission.

The principles of the plan will be consolidated in a set of regulations, which will then be put forward to the Bureau of the FIFA Council. 

The COVID-19 virus, which has infected at least 9.6 million people and killed more than 487,000 worldwide, forced almost all sport across the world to stop.

Football leagues and tournaments, including the UEFA European Championship, have been suspended or postponed in response to the crisis.