The government has introduced a vast arsenal of fiscal and financial responses to mitigate the effects of the crisis on households, business and the economy. The financial responses are largely focused on the “formal” financial sector, with the objective of enabling banks and others to support businesses and households through continued lending and easing cash flow pressures from existing debts.

These are welcome, but the complexity and interdependence of our economy means that there is another source of financial stress that needs to be addressed. This is what might be called “informal finance” associated with the usual practice of payment for goods and services lagging behind their delivery.