How does the 'finally' block relate to handling IndexErrors in Python try-catch statements?

The `finally` block in a `try-except` statement in Python is guaranteed to execute regardless of whether an exception occurred or not. When handling an `IndexError`, the `finally` block can be used for cleanup operations, such as closing files, releasing resources, or performing any actions that must happen irrespective of the error's presence or absence. It is separate from the error handling itself but ensures critical post-execution steps are completed.