Andy Mukherjee, Columnist

Global Banks Can Ride India’s Dollar Crunch In Style -- 2013 Style

Pakistan and Bangladesh are running to the IMF. But New Delhi has a not-so-secret weapon.

July 27, 2022 at 10:00 PM UTC

Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services in Asia. Previously, he worked for Reuters, the Straits Times and Bloomberg News.

Dollars with benefits.
Photographer: Dhiraj Singh/Bloomberg

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Bangladesh is seeking a bailout from the International Monetary Fund; Pakistan is expected to receive its own $1.2 billion rescue deal soon. Neither wants to end up another Sri Lanka. The island nation was pulled into a vortex of empty dollar coffers, popular anger over shortages of food, fuel and medicines, political chaos and a still-deepening economic funk.

Among South Asia’s major economies, only India remains standing. But the region’s largest economy is also wobbling a bit.