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.

India hit Pakistan with air strikes deep into the country, killing dozens, but Pakistan claimed to have shot down multiple Indian planes. (The details of that claim remain murky.) India accused Pakistan of a drone attack near the Kashmiri line of control,