N ARENDRA MODI, India’s prime minister, sounded as defiant as he did triumphant in speaking to the nation two days after a ceasefire with Pakistan. India’s four-day military operation, he said on May 12th,

1972 — India and Pakistan sign a peace accord, renaming the ceasefire line in Kashmir as the Line of Control, a heavily fortified stretch of military outposts that divide the region between them. Both sides deploy more troops along the frontier, turning it into a heavily fortified stretch of military outposts.

The recent military escalation with arch-rival India won't have a large fiscal impact on Pakistan and can be managed within the current fiscal space, with no need for a new economic assessment, Pakistan's Finance Minister said in an interview with Reuters on Monday.