COVID 19 devastated lives and livelihoods across the development spectrum. COVID 19 has sometimes been compared to the Great Depression of 1929 and the global financial crisis (GFC) of October 2008 in terms of the debilitating hit to income, output and employment-both globally and domestically. It was, however, demonstrated both by theoretical literature and cross-country empirical evidence that that the impact of the pandemic far more serious than the GFC and even the Great Depression of 1929. The woeful inadequacies of the global financial system required simultaneously stimulating the economy to enhance aggregate demand, avoiding protectionism and strengthening international financial institutions through cross-border investment, trade and banking. New rules of the game and transformed global financial architecture were needed to rehabilitate the global economy and foster investment and trade in the new normal. Bold fiscal policy measures and hefty stimulus packages- upto 20 per cent of GDPs- were announced from March 2020 to contain severe macro-economic effects, prevent a free fall of their economies and markets and craft a better tomorrow. These measures included fiscal packages, relaxation of monetary and macro-prudential rules, and liquidity injection into the banking system. Synchronized measures with a sense of immediacy by central banks and governments restored a modicum of normalcy in financial markets. But the finance sector is not a silo; it is a microcosm, a miniature model of the broader macro-economy.