Canceling the debt of the poorest countries was "the very least that the World Bank, IMF and other international financial institutions should do," U.S. Sen. Bernie Sanders said on behalf of the lawmakers.

Ecuador has been among the hardest-hit countries in Latin America by the coronavirus, with 24,675 confirmed cases and 883 deaths, plus a further 1,357 deaths that were likely caused by the virus.

Although the actual economic fallout from the COVID-19 pandemic is clouded by uncertainty, experts agree the longer the global economy remains at a near stand-still, the more difficult will be the return to normalcy.

The IMF expects a 7.6% expansion in Asian economic growth next year on the assumption that containment policies succeed, but added the outlook was highly uncertain.

The head of the International Monetary Fund said she believed not only the United States but many other advanced economies and a number of developing countries had already entered downturns.

The IMF, in an updated economic outlook, projected the global economy would expand by 3% this year, the weakest in a decade.

The IMF’s managing director, Kristalina Georgieva, cited the fallout from a variety of factors.

The International Monetary Fund has cut its forecast for world economic growth this year, citing heightened trade tensions and rising U.S. interest rates.

U.S. President Donald Trump will be able to choose someone who shares his worldview when he nominates the next head of the World Bank.

Global stock markets fell Tuesday after the International Monetary Fund lowered its outlook for the world economy, citing the impact of rising interest rates and trade tensions.