Gilgit Baltistan’s winter festival to become ‘national level’ event from next year — minister

Players participate in an ice hockey at Shyok Winter Festival 2023 in Khaplu Valley of Ghanche district in Pakistan’s Gilgit Baltistan region on January 7, 2023. (Photo courtesy: Social Media)
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Updated 08 January 2023
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Gilgit Baltistan’s winter festival to become ‘national level’ event from next year — minister

  • The region’s traditional Shyok Winter Festival seeks to increase tourism by arranging Gilgit Baltistan’s cultural games
  • Canadian High Commissioner to Pakistan expresses hope the areas also becomes famous for ice hockey across the world

ISLAMABAD: Gilgit Baltistan’s sports and tourism minister Raja Nasir Ali Khan has promised to turn a traditional winter festival in the region, which kicked off in Ghanche district on Saturday, into a national event from next year by inviting people from other parts of the country.




Canadian High Commissioner Leslie Scanlon watches sports activities at Shyok Winter Festival 2023 along with government officials in the Khaplu Valley of Ghanche district in Pakistan’s Gilgit-Baltistan region on January 7, 2023. (Photo courtesy: Social Media)

The three-day Shyok Winter Festival, named after a river that meanders through the area, has been organized by the district administration in collaboration with the Canadian High Commission and Aga Khan Rural Support Program.

The festivities have attracted hundreds of people who are interested in watching cultural and traditional games of Gilgit Baltistan along with ice hockey which has been introduced in the area for the first time.

“With this festival, a series of winter sports [will continue across] Gilgit Baltistan,” the minister told Arab News over the phone. “Similar festivals are also planned in Ghizer, Hunza, Skardu, Astore and Diamer this year.”

“Next year,” he continued, “we will arrange a national level winter festival to which other provinces will also be invited.”

Known for its picturesque landscapes, Gilgit Baltistan is a mountainous area in Pakistan’s northern region that borders China and Afghanistan. It is among the country’s most popular tourism destinations and was listed by Forbes among ten “coolest places” to visit in 2018.

According to the sports and tourism minister, nearly two million local and international backpackers attended various festivities in the area last year while more than 155 high-altitude climbers summited the world’s second tallest mountain, K2, which is also located in the region.

“We want to see tourists coming to GB in winter as well,” he said. “That’s why we are promoting winter activities here and want to keep the area open for tourists [throughout the year].”




Two ice hockey teams pose for a group photograph at Shyok Winter Festival 2023 in Khaplu Valley of Ghanche district in Pakistan’s Gilgit Baltistan region on January 7, 2023. (Photo courtesy: Social Media)

Addressing the inauguration ceremony of the festival, Canadian High Commissioner to Pakistan Leslie Scanlon highlighted Gilgit Baltistan’s potential to generate more tourism by arranging such activities.

“While I recognize we are in a world-famous region for rock climbing, trekking and mount climbing, I hope that Gilgit Baltistan will also become a world-famous region for ice hockey for boys and girls and men and women,” she said.

Rana Haider Tahir, assistant commissioner in Ghanche district, said the event had a major scope for the development of the area.

“This festival is a celebration of all cultures in Baltistan region, especially the valley situated across the Shyok River,” he told Arab News over the phone.

He informed the authorities were also going to inaugurate a museum along with an information technology park and school for people with disabilities during the three-day event.


Pakistan says inflation to remain within 5-6 percent range in January

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Pakistan says inflation to remain within 5-6 percent range in January

  •  Current account projected to remain in deficit, says Finance Division in monthly economic outlook
  •  Pakistan suffered a financial crisis in 2023, marked by inflation of 38 percent, depleted forex reserves

KARACHI: Inflation is expected to remain within the 5-6 percent range in January, Pakistan’s Finance Division said in its monthly economic outlook report on Tuesday, saying that the country’s economy is well positioned to sustain growth momentum in FY2026. 

Consumer Price Index (CPI) inflation was recorded at 5.6 percent year-on-year (YoY) basis in December 2025 as compared to 6.1 percent in November 2025 and 4.1 percent in December 2024. 

“Inflation is expected to remain within the range of 5.0-6.0 percent in January,” the Finance Division said. 

“On the external front, the current account is projected to remain in a deficit; however, robust remittance inflows and steady performance in IT and services exports are likely to cushion external pressures.”

The report said that the “positive trajectory” of the economy reflects the impact of the government’s prudent policies, ongoing structural reforms and easing of monetary conditions due to subsiding inflationary pressures.

Earlier, Pakistan’s finance ministry adviser Khurram Schehzad said S&P Global Market Intelligence’s latest macroeconomic forecast for Pakistan broadly aligns with projections issued by the State Bank of Pakistan, signaling easing inflation, manageable external balances and a gradual recovery in economic growth.

The assessment came amid stabilizing macroeconomic indicators after Pakistan went through a prolonged financial crisis marked by record inflation of 38 percent, depleted foreign exchange reserves and repeated balance-of-payments pressures, culminating in emergency support from the International Monetary Fund.

Tighter monetary policy, fiscal consolidation and external financing have since helped stabilize prices and ease pressure on the external account, prompting more measured assessments from international credit rating agencies.

“S&P’s projections broadly align with SBP’s outlook, with slight differences on growth and the current account but a shared assessment of easing inflation and gradual economic improvement,” Schehzad said in a statement.

According to S&P, inflation is expected to average 5.1 percent in 2026 and edge up slightly to 5.6 percent in 2027, staying within the SBP’s projected range of 5 percent to 7 percent over the next two years.

On the external front, S&P forecast a current account deficit of 0.5 percent of gross domestic product in 2026, broadly in line with the central bank’s expectation that the deficit will remain between 0 percent and 1 percent of GDP in the fiscal year.

Economic growth is projected to strengthen gradually, with S&P forecasting real GDP growth of 3.5 percent in fiscal year 2026, rising to 4.4 percent the following year. The SBP has projected growth of 3.75 percent to 4.75 percent for FY26.

Both S&P and SBP projections echo the government’s assessment that macroeconomic conditions are stabilizing, as Pakistan seeks to attract foreign investment and push toward export-led growth.