The key challenge will be to lock in the recent gains while steering the economy in riding out the current uncertainties, and then moving on to a higher and more sustainable growth path. The commitment to fiscal prudence and appropriate monetary policies and the intention to tackle policy challenges boldly through purposeful reforms should ensure that this path is sustained.
These programs are designed to offer backstop sources of funding to the private sector, and just the announcement that these backstop facilities would soon be launched appears to have bolstered confidence in capital markets, allowing many companies to finance themselves privately even before the facilities were up and running. But importantly, these are, after all, emergency facilities, and someday—hopefully soon—the emergency will pass.