This paper assesses both the direct and indirect effects of the pandemic and, weaving together the forementioned triple transitions, identifies implications for the donor community, including the UN System. First it looks at macroeconomic and fiscal prospects, noting a dearth of options in the absence of sustained structural changes (Section 2); then at the effects of COVID-19 on human development (Section 3); then at the virus’ interplay with peacebuilding and state- building dynamics (Section 4); and lastly, assessments of possible ways forward are discussed (section 5).