The IMF suggested a $50 billion plan to eliminate the COVID-19 pandemic on Friday, to expand immunization efforts throughout the world, while vaccine companies agreed to give billions of doses to underprivileged countries towards the end of next year.

The promises came as Spain said that it will open its border to all vaccinated tourists beginning next month, providing hope that Europe's tourism season will recover after taking a hit last year.

The coronavirus continuing to cause mayhem in other parts of Latin America, with the continent's death toll approaching the dreadful one million mark.

The World Health Organization (WHO) indicated that the death count from the epidemic might be two to three times greater than official numbers indicate.

In Washington, the International Monetary Fund proposed a $50 billion rebound plan to stop the epidemic, intending to vaccinate approximately 60% of the world's population by the end of 2022.

“Our plan defines objectives, calculates finance needs, and lays out concrete action,” IMF chief Kristalina Georgieva said at the G20 Global Health Summit in Rome.

The conference also saw the presidents of three major COVID vaccine manufacturers, Pfizer, Moderna, and Johnson & Johnson, commit 3.5 billion vaccine doses at cost or a discount to middle and low-income nations this year and next.

As per officials from the three pharmaceutical corporations, Pfizer will provide two billion doses, Moderna up to 995 million pills, and Johnson & Johnson up to 500 million doses.

Vaccines are giving countries hope that they'll be able to recover from the epidemic that has devastated the global economy and destroyed over 3.4 million people since it first surfaced at the end of 2019.

In Europe, the battered tourist industry appeared to be on pace for a cautious recovery, with Spain announcing that it will open its borders to all vaccinated visitors next month.

“From June 7, all vaccinated persons and their families, whatever country they belong, will be accepted in our country, Spain,” Prime Minister Pedro Sanchez stated at an international tourism expo in Madrid.

He also revealed that British tourists will be allowed to visit the tourist destination for vacations beginning next week.

On Friday, beer gardens, terraces, and pools reopened in some regions of Germany for the first time in months, indicating a return to normalcy.

Sonja Gellfart, a Berliner, was already in the outdoor pool at the Sommerbad am Insulaner at 7:30 a.m., which was a refreshing change.

“It's the sensation of freedom since you can come in here and be outside without wearing a mask,” she said to AFP.

However, as European nations sought to put the pandemic's destruction behind them, the World Health Organization cautioned that the destruction caused by COVID-19 may be greater than anticipated.

The UN agency indicated in a recent global health statistics report that considerably more lives were lost that would've been the situation if the pandemic had not occurred, either as a result of Covid or because they could not receive treatment for other illnesses.

“Total fatalities are at least nearly three times higher than publicly reported,” said Samira Asma, WHO assistant director-general in charge of statistics.

In the next few days, one million coronavirus-related deaths are expected in Latin America alone, as several governments in the area struggle to get enough immunizations.

Brazil has the highest number of deaths in the country, with 450,000, second only to the United States on a worldwide scale.

Last month, the Senate formally initiated an investigation into why the virus expanded so horrifically in the country.

The inquiry has focused specifically on far-right populist President Jair Bolsonaro's unconventional policies during the epidemic, such as rejecting stay-at-home precautions and masks.

While the scenario in Latin America remains dreadful, the outlook in Europe was more hopeful, with stock markets rising Friday on emerging indicators of economic growth as restrictions are progressively loosened.

“European bourses are going widely higher, continuing robust gains from the previous session as confidence about the economic outlook grows,” said OANDA analyst Sophie Griffiths.

Retail sales in the United Kingdom increased by 9.2 % in April when non-essential businesses reopened, as per government statistics.

Clothing demand surged by over 70% as shoppers spent their money on new clothes.

France, coming out of its third lockdown, said on Friday that it will bestow a special honor on health professionals who succumbed to Covid while battling the pandemic.

President Emmanuel Macron announced the creation of a new status dubbed "died in the service of the country" to honor public personnel who die in "unusual circumstances."