Ex-finance minister says Gilgit-Baltistan tourism can free Pakistan from IMF bailouts

Former finance minister Asad Umar has proposed investing in Gilgit-Baltistan’s tourism sector to generate revenue and reduce Pakistan’s dependence on International Monetary Fund (IMF) bailouts.

“If we truly understand the potential of Gilgit-Baltistan tourism and invest to develop it, we can earn enough through tourism to break our dependence on the IMF,” Umar said in a video message on the social media platform X on Saturday.

“Unfortunately, our country’s leadership has failed to realize its full potential. If we invest in this region and market it effectively, Gilgit-Baltistan alone can generate foreign exchange earnings higher than the funds we receive from the IMF,” he added.

Pakistan is currently under a 37-month bailout programme, which was secured mid-year in 2024 and has played a key role in stabilising Pakistan’s economy, and the government has said the country is on course for a long-term recovery.

Earlier this month, the IMF reached a staff-level agreement with authorities in Pakistan on its loan program, which would allow the country to access $1.2 billion after approval from the fund’s board.

The IMF will provide Pakistan $1 billion under its Extended Fund Facility and $200 million under its Resilience and Sustainability Facility, bringing total disbursements under the two arrangements to about $3.3 billion.