The global response to the economic fallout of the COVID-19 pandemic highlighted the critical role of financial services in supporting vulnerable populations. Five years after this unprecedented crisis, questions arise about whether sufficient measures are in place to ensure no one is left behind during future crises. The pandemic disproportionately affected low-income workers, especially those in informal economies, who faced immediate job losses and lacked safety nets. Governments worldwide turned to digital payment systems to provide relief, reaching millions like Bébé Agbodoglo, a palm liquor seller in Togo, who received timely financial support through mobile money. This experience underscores the importance of inclusive finance in building resilience for individuals and small businesses.

In the wake of the pandemic, it became evident that financial services—such as savings, insurance, and digital payments—played a pivotal role in determining whether households could weather the crisis or succumb to hardship. For many low-income workers, the economic shock was both immediate and devastating. Without adequate safety nets, these individuals had little recourse when they fell ill or lost their jobs. However, innovative solutions emerged, such as Togo’s NOVISSI social protection program, which provided monthly transfers to informal workers via mobile money. This support proved crucial for families like Bébé's, enabling them to meet basic needs during the crisis.

Research indicates that countries with robust payment ecosystems were better equipped to respond rapidly to the pandemic. Chile, India, and Thailand, for example, leveraged digital ID systems to swiftly identify eligible citizens and disburse funds directly into their accounts. Additionally, social protection systems served as catalysts for resilience by delivering cash transfers that prevented negative coping strategies like selling assets or taking on high-interest debt. These transfers also introduced recipients to financial tools like savings, credit, and insurance, fostering long-term benefits such as investments in education and business growth.

Closing gender gaps in financial services remains a priority. In many developing countries, women predominantly work informally, making them highly vulnerable to market disruptions. Policymakers must expand access to tailored financial services, integrate gender-responsive social protection programs, and ensure women's inclusion in economic recovery efforts. Strengthening consumer protection is equally important, especially as financial scams surged during the pandemic. Robust measures are needed to prevent fraud and promote responsible lending.

As we reflect on the lessons learned from the pandemic, it is clear that financial inclusion must play a central role in preparing for future crises. Despite progress, 1.4 billion people still lack basic accounts, and 345 million micro-enterprises remain informal, leaving them exposed to financial shocks. The next crisis is inevitable, and we cannot afford to wait. Ensuring universal access to financial services is essential for building resilience and preventing further economic devastation.

In a significant shift of political and economic dynamics, Alabama's defense industry is experiencing turbulence due to the interruption in aid to Ukraine. This development has profound implications for the state's economy and its role in supporting Ukraine's defense efforts against Russian aggression. The halt in funding, initiated by President Trump, has disrupted the flow of billions of dollars into Alabama's defense contractors, raising concerns about future projects and employment. The state's leadership, including Governor Kay Ivey, had previously championed Alabama's contributions to Ukraine's defense, with substantial investments in missile technology and other military equipment. However, recent skepticism from key political figures, particularly Senator Tommy Tuberville, signals a changing tide in support for continued aid.

Since the onset of Russia's invasion in 2022, Alabama has played a pivotal role in supplying critical defense equipment to Ukraine. Companies like Lockheed Martin and Aerojet Rocketdyne have been instrumental in manufacturing anti-tank missiles and rocket motors, respectively. These contributions not only bolstered Ukraine's defensive capabilities but also injected a considerable amount of capital into Alabama's economy. Pentagon data reveals that nearly $3.7 billion has flowed into the state through defense contracts related to the conflict. Initially, this influx of funds was met with enthusiasm, as it underscored Alabama's strategic importance in global defense initiatives.

The political landscape began to shift as the costs associated with aiding Ukraine escalated. Senator Tuberville, who initially supported the first spending package, grew increasingly resistant as the financial burden grew heavier. His stance hardened over time, culminating in stark criticisms of Ukraine's governance and warnings about potential nuclear escalation. This change in attitude reflects broader skepticism among some Republican lawmakers regarding the sustainability and wisdom of continued financial support for Ukraine. The contentious White House meeting involving President Trump, Vice President J.D. Vance, and Ukrainian President Volodymyr Zelenskyy further highlighted the growing divisions within the U.S. government on this issue.

Despite these challenges, Alabama continues to make notable appointments in international diplomacy. President Trump recently nominated Lindy Blanchard, a Montgomery businesswoman, as the U.S. ambassador to the Food and Agriculture Organization of the United Nations. Blanchard's background includes previous diplomatic service as the U.S. ambassador to Slovenia during Trump's first term. Her nomination underscores the ongoing influence of Alabama's political figures on the national stage, even as the state navigates the complexities of shifting defense policies.

The uncertainty surrounding future aid to Ukraine presents both challenges and opportunities for Alabama's defense sector. While the immediate impact is undeniable, the long-term effects remain to be seen. As policymakers reassess their priorities, the state's ability to adapt and pivot may prove crucial in maintaining its position as a key player in defense innovation and manufacturing. The evolving political climate will undoubtedly shape the future trajectory of Alabama's involvement in global defense efforts.