Former Finance Minister Asad Umar Calls for Investment in Gilgit-Baltistan Tourism to End IMF Dependence

Former finance minister Asad Umar has urged Pakistan to invest in Gilgit-Baltistan’s tourism sector, saying the region’s immense potential could generate enough foreign exchange to end the country’s reliance on IMF bailouts. He emphasized that with proper development and global marketing, tourism revenues from Gilgit-Baltistan could surpass IMF funding, offering a sustainable path to economic independence.

ISLAMABAD — Former finance minister Asad Umar has urged Pakistan’s leadership to unlock the economic potential of Gilgit-Baltistan’s tourism sector, arguing that strategic investment in the region could help the country generate substantial foreign exchange and ultimately reduce its reliance on International Monetary Fund (IMF) bailouts.

In a video message shared on social media platform X on Saturday, Umar said Pakistan has failed to recognize and utilize one of its greatest natural assets.

“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,” he said.

Highlighting the region’s immense natural beauty and tourism appeal, Umar emphasized that Gilgit-Baltistan alone could generate higher foreign exchange earnings than the financial assistance Pakistan receives from the IMF, provided the sector is developed and marketed effectively.

“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 IMF bailout program, secured in mid 2024, which has played a crucial role in stabilizing the nation’s fragile economy. The government has projected a long term recovery trajectory, crediting IMF support as a stabilizing measure amid fiscal and external account pressures.

Earlier this month, the IMF reached a staff level agreement with Pakistani authorities, paving the way for the disbursement of $1.2 billion pending the fund’s board approval. The new tranche includes $1 billion under the Extended Fund Facility (EFF) and $200 million under the Resilience and Sustainability Facility (RSF) bringing total disbursements to about $3.3 billion.

Umar’s remarks reflect growing debate within Pakistan’s political and economic circles over the country’s repeated dependence on IMF assistance. His proposal underscores the potential of sustainable tourism as an alternative engine of growth, capable of diversifying revenue sources and strengthening the national economy through local development, job creation, and foreign investment.

By calling attention to Gilgit-Baltistan’s untapped tourism potential, Umar has reignited a national conversation on how Pakistan can transition from short-term financial bailouts to long-term, self-sustaining economic strategies rooted in its own natural and cultural strengths.