The market as weapon: What China has long exploited India has rarely used

Less than two years ago, Saudi Arabia lent $6.2 billion (roughly half of it comprising oil on credit) to Pakistan as it teetered on the edge of international default. Now it has recalled the loan and ended the oil credit facility. China has stepped in to help Islamabad with emergency cash, but in the meantime a $6-billion loan agreement with the International Monetary Fund is on ice. Islamabad’s ties with the United Arab Emirates (UAE) too have soured. The provocation is Kashmir, on which both the UAE and Saudi Arabia have ignored Pakistan’s wishes because Gulf politics is no longe.....

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel
Key stories on business-standard.com are available to premium subscribers only.

Already a premium subscriber?

Subscribe to get an across device (Website, Mobile Web, Iphone, Ipad, and Android Phone applications) access to Premium content, Breaking News alerts, Industry Newsletters, Stock and Corporate news alerts, access to Archives and a lot more.