The traditional approach to international finance is to view capital flows as the financial counterpart to savings and investment decisions but over-simplification may be misleading. For instance, it is despite an abundance of cross-section, panel, and event studies, there is strikingly little convincing documentation of direct positive impacts of financial opening on the economic welfare levels or growth rates of developing countries. Moreover, the COVID pandemic has created deep economic distress involving significant economic risks. As a result, companies experience enormous struggles in coping with the impact of the pandemic, and the effects have differed across sectors, financial markets, and economies. In what ways do you believe, micro-, small-, and medium-sized businesses, are viewed as the backbone of any economy, and how have they been hardest hit, given their relatively vulnerable financial condition, disadvantaged position in times of economic and particularly their reliance on bank financing or commercial lending.