Former finance minister Asad Umar has urged the government to strategically invest in Gilgit-Baltistan’s tourism sector, highlighting it as a key opportunity to boost Pakistan’s economy and eliminate the country’s reliance on IMF loans. In a video message posted on X, Umar said that if the tourism potential of Gilgit-Baltistan is fully realised through proper infrastructure development, promotion, and sustainable planning, the region could generate more foreign exchange than the funds Pakistan receives from the International Monetary Fund.
He expressed disappointment that successive governments have failed to prioritise this potential, arguing that the country’s northern areas—renowned for their natural beauty, adventure tourism, and cultural richness—could become a major international attraction if developed strategically.
Umar’s remarks come as Pakistan remains under a 37-month IMF programme, which has been crucial in stabilising the economy since mid-2024. Earlier this month, the IMF approved a $1.2 billion disbursement under its Extended Fund Facility and Resilience and Sustainability Facility, bringing total disbursements to about $3.3 billion.
He concluded that instead of relying on external loans, Pakistan must focus on building internal revenue sources like tourism to achieve lasting economic independence and self-sustained growth.
