Recovery uncertain

group Jubilee USA Network, said more debt relief and and other steps must be taken.

“Wealthy countries, who are making decisions for the entire world about the crisis, are more insulated from the extreme shocks,” Mr LeCompte said.

“Nearly 90 per cent of all global stimulus was spent in wealthy countries and less than three per cent in developing countries.”

The IMF communique said more involvement by the private sector in granting debt relief is needed, as well as more widespread support by governments.

China, a major creditor country, has been criticised by international aid groups for not doing enough to grant debt relief to low-income countries. While not singling out China by name, the IMF communique said that debt relief efforts needed the “full support” of all countries as well as greater transparency.

The United States was represented at the finance meetings by Treasury Secretary Steven

Mnuchin and Federal Reserve chairman Jerome Powell.

In his speech to the IMF panel, Mr Mnuchin said the United States, the world’s largest economy, was doing its part to support the recovery by “deploying the largest economic relief package in American history” with Congress’ passage last spring of $3 trillion in support for workers and businesses.

The Trump administration and Congress have failed to reach agreement on further aid after the expiration of a $600-a-week benefit for the unemployed, $500 billion in forgivable short-term loans to small businesses and other financial assistance.

Asked how the failure of US officials to approve more support could affect the global economy, Ms Georgieva told reporters that the decisive action taken in the spring had offered critically needed aid that had spillover effects for the global economy.

“Don’t cut the lifelines,” she said.