CM GB Urges SBP to Introduce Special Financial Facilities for Region

Gilgit: (Our Correspondent) – Chief Minister of Gilgit-Baltistan Amjad Hussain has written to the Governor of the State Bank of Pakistan (SBP), requesting special financial measures to improve access to affordable institutional financing for the people of the region.

In his letter, the chief minister highlighted Gilgit-Baltistan’s vast economic potential in tourism, agriculture, horticulture, livestock, mining, small businesses, and youth entrepreneurship. However, he noted that residents and businesses continue to face significant challenges in obtaining loans and other financial services from banks and financial institutions.

He urged the SBP to introduce concessional financing schemes tailored to the region’s unique geographical and socio-economic conditions. The proposed initiatives would primarily benefit young entrepreneurs, women, farmers, small and medium-sized enterprises (SMEs), and startups.

The chief minister also proposed that commercial banks be directed to expedite the assessment and approval of loan applications from Gilgit-Baltistan residents. He further recommended the establishment of dedicated facilitation desks across the region and called for simplified documentation requirements and collateral conditions to make financial assistance more accessible.
Expressing optimism, Amjad Hussain said the proposed measures would enhance financial inclusion, create employment opportunities, stimulate business activity, and contribute significantly to the overall economic development of Gilgit-Baltistan.