The 189-nation International Monetary Fund and its sister lending agency, the World Bank, on Friday pledged to step up their efforts to cushion the blow to the global economy from the coronavirus pandemic.

The two agencies' assurance came at the end of their spring meeting where they heard calls for them to provide more debt relief to poorer nations being battered by the health crisis.

Europe's stock markets rallied in opening deals Friday on news that China's economy has not been hit as badly as feared by the deadly novel coronavirus outbreak.

Sentiment was also bolstered by overnight Wall Street gains after US President Donald Trump laid out guidelines for a gradual reopening of the economy. 

The United States will take "a year or two," if not longer, to recover from the devastating economic impact of the coronavirus, a top Federal Reserve official said Thursday.

European stock markets mostly climbed on Thursday as investors focused on plans to ease some coronavirus lockdown restrictions, while the dollar rose as well.

G7 leaders agreed Thursday to coordinate the reopening of their economies after the coronavirus pandemic and to ensure "trusted supply chains" in the future, the White House said.

As countries consider how to restart their virus-halted economies, the early experiences in China and parts of Europe show it will be no easy task.

Workers back on the job are wary of spending much or going out. Shoppers are staying away from the few stores reopening. Masks and social distancing measures are not fading. And pervasive is the fear the coronavirus could return if lockdowns meant to stop its spread are eased too much, too quickly.

Anglo-Dutch oil giant  Royal Dutch Shell on Thursday pledged to become carbon neutral by 2050, matching a commitment by rival BP.

Oil languished at multi-year lows on Thursday, with WTI crude remaining around $20 a barrel as dire warnings about a virus-triggered demand shock overshadowed a deal to cut output.

The Lebanese pound fell in value Wednesday to more than 3,000 to the dollar on the parallel market, half the official rate, foreign exchange bureaus said.

The devastation caused to the US economy by the coronavirus pandemic was thrown into even sharper relief Wednesday with the release of data showing deep damage to retail sales and manufacturing.