The global pandemic of 2020-2022 had truly unprecedented consequences. Along with other crises, such as the war in Ukraine, it plunged the global economy into a steep slowdown that dealt the biggest setback to global poverty in decades. But global responses to the pandemic were equally unprecedented. During the crisis, countries employed toolkits that combined large fiscal, monetary, and prudential policies such as grants, credit facilities, and relaxed capital requirements. Still, global inflation, food and energy supply disruption, and accumulating debt remind us that the effects of the pandemic linger and will continue to create long-term uncertainties that must be managed. Helping low- and middle-income countries (LMICs) manage such shocks is a critical role for the World Bank, which includes the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). […]