The International Monetary Fund (IMF) said the late Mr Lee Kuan Yew was a visionary statesman whose wisdom and leadership will be remembered by people all around the globe.

"It is with great sadness that I have learned of the passing of Lee Kuan Yew, Founding Father of Singapore. He was a visionary statesman whose uncompromising stand for meritocracy, efficiency and education transformed Singapore into one of the most prosperous nations in the world,'' said Ms Christine Lagarde, IMF managing director.

"His wisdom and leadership will be remembered by people all around the globe.

"On behalf of the International Monetary Fund, I extend our condolences to his family and the people of Singapore," she said in a statement.

World Bank Group President Jim Yong Kim also extended his "sincere condolences" to the people of Singapore and Prime Minister Lee Hsien Loong on Mr Lee Kuan Yew's death.

"We will be forever grateful to the former Prime Minister for his role as a pioneer of development and the architect of modern Singapore. We were privileged to have had a close working relationship with him over several decades.

"The late Prime Minister is recognized around the world for transforming Singapore in a short time from an undeveloped nation to one of the most successful high-income countries in the world. He showed that a city-state with few natural resources could rapidly evolve into a global trading hub and financial powerhouse through education, integrated planning, and a highly trained civil service. He tackled corruption relentlessly and held public servants to the highest standards. Most importantly, he showed that economic development could provide opportunities and improve the lives of a country's citizens," the statement from Mr Kim read.

Mr Lee, who was Singapore's first elected prime minister, died on Monday aged 91.