Across the world, central banks’ responses to mitigate the effects of COVID-19 have been extraordinary in scope, size, and speed. Government of Pakistan and various institutions implemented unprecedented policy instruments; however, risks to Pakistan’s economy and financial system remain large. In comparison to other central banks in South Asia, the objective of this study is to analyze the perspective of three distinct stakeholder groups in Pakistan who are directly associated with relief policies introduced by State Bank of Pakistan. It is found that policymakers and regulators are poised about measures introduced by the State Bank of Pakistan. The institution is expected to play a more stringent role in the years to come under enhanced autonomy. Monetary and fiscal space is limited in the economy, but commercial banks as conduits of SBP and businesses posed confidence in the existing measures. Once the effects of pandemic subside, the economy can possibly resume operations along the path of smoother recovery. Supervisor:- Dr. Mahmood Khalid