Punjab Model Bazaars to Benefit Directly From IMF Package, Says CEO
Naveed Rafaqat Ahmad is a dynamic leader with over 15 years of experience in corporate restructuring, strategic planning, and business development. A Chartered Accountant from England and Wales and a certified Business Analyst from the UK, Naveed has been at the forefront of transformative projects both within Pakistan and internationally. His expertise lies in turning struggling initiatives into successful models of financial sustainability.
Since joining the Punjab Model Bazaar Management Company (PMBMC) in 2016, Naveed has played a crucial role in its revival. Starting as CFO and Company Secretary, he later took over as CEO in 2024. Under his leadership, the once-underperforming Model Bazaars were transformed into vibrant hubs of economic activity and public welfare. His strategic innovations, such as introducing public-private partnerships, expanding vendor services, and establishing long-term revenue models, have made PMBMC a self-sustaining success story. His work has been widely recognized by the government, earning him multiple awards for financial restructuring and governance excellence.
In addition to his professional achievements, Naveed has written extensively on public sector governance and business transformation. His thought leadership has been featured in various top-tier newspapers, where he continues to contribute valuable insights into how public initiatives can be made more efficient and impactful.
Naveed’s innovative approach to business and governance, particularly in the context of Model Bazaars, makes him a sought-after figure in public sector management. His vision for expanding economic opportunities and improving public welfare through sustainable business practices has positioned him as a leading force in transforming public projects in Punjab.
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Q: Thank you for your time, Mr. Naveed. Let’s begin by talking about the IMF bailout package. How do you see its impact on consumers in Punjab?
Naveed Rafaqat Ahmad: The IMF bailout package is an important step for Pakistan. It brings financial support that will help stabilize our economy. For consumers in Punjab, I believe the package will have positive effects. One of the immediate impacts will be the control of inflation. When inflation is managed, it directly benefits consumers, as essential goods become more affordable. Additionally, the IMF’s support will help reduce our trade deficit, which in turn will keep the prices of imported goods stable. This is particularly important for everyday items like cooking oil, pulses, and medicines, which are often imported.
Q: How will this package support businesses in Punjab?
Naveed Rafaqat Ahmad: The bailout will boost business confidence. When the economy is stable, businesses can operate without fear of sudden price hikes or shortages of raw materials. With the government’s economic plans backed by the IMF, businesses will have better access to financing and more predictable economic conditions. This is good for local businesses and consumers alike because when businesses thrive, they create jobs and improve the overall market environment. The bailout will also help in reducing the government’s debt burden, meaning more funds can be directed towards public welfare projects.
Q: Moving on to the SCO Summit, what kind of impact do you think it will have on Pakistan’s markets, especially in Punjab?
Naveed Rafaqat Ahmad: The SCO Summit is an important event for Pakistan, and it holds great potential for our markets. The summit brings together countries like China, Russia, and Central Asian nations, which are key trading partners for Pakistan. Punjab, being the heart of Pakistan’s agriculture and industry, stands to benefit immensely from improved trade relations. The summit will open doors for greater exports of agricultural products, textiles, and other goods. This will create more jobs and help small businesses in Punjab expand their reach to international markets.
Q: How do you see the SCO summit fostering business growth?
Naveed Rafaqat Ahmad: I see this summit as a major opportunity for businesses to network and explore new markets. With the support of SCO countries, we can attract foreign investments, especially in infrastructure and technology. For Punjab, this means better roads, better supply chains, and improved communication networks. These developments will make it easier for businesses to grow and consumers to access products more easily. Additionally, the increased trade will help bring in more revenue for the country, allowing the government to focus on public services, which will again benefit the people.
Q: Will there be any specific changes in the consumer market after the SCO Summit?
Naveed Rafaqat Ahmad: Yes, I believe we will see changes. When trade increases between Pakistan and other SCO countries, we will have access to more diverse products at competitive prices. This means consumers in Punjab can expect to see new products, especially in technology and daily-use items, available at lower prices. This variety and affordability will improve the standard of living for many people.
Q: How does this relate to Punjab’s Model Bazaars, where you have been leading improvements?
Naveed Rafaqat Ahmad: The Model Bazaars can benefit directly from both the IMF package and the opportunities arising from the SCO Summit. With improved economic stability, we can introduce more vendors and provide a wider variety of goods at affordable prices. If trade with SCO countries increases, we can bring in high-quality products that are not easily available now. This will give consumers more choices, making Model Bazaars even more attractive places to shop. Additionally, with the economy on stronger ground, we can continue to offer Sahulat Stalls and Free Home Delivery services at better rates, ensuring more people benefit.
Q: What’s the future outlook for consumers in Punjab after these developments?
Naveed Rafaqat Ahmad: The future is promising. With the IMF support stabilizing the economy and the SCO Summit creating new trade partnerships, Punjab’s markets will see positive growth. Consumers will benefit from better prices, more variety in products, and improved public services. Our businesses will also thrive, creating jobs and stimulating the economy further. It’s a win-win situation for everyone involved.
Q: How has technology been integrated into the operations of Model Bazaars, and what impact has it had?
Naveed Rafaqat Ahmad: Technology has played a key role in modernizing the operations of Model Bazaars. One of the most admired changes has been the introduction of a digital payment system, which makes transactions easier for both vendors and customers. We also developed a mobile app that allows consumers to check prices, locate stalls, and place orders for home delivery. This has greatly improved customer convenience and increased vendor participation. Additionally, by using data analytics, we can better understand consumer behavior, helping us to tailor our services and manage resources more efficiently. Technology has made the bazaars more accessible and responsive to the needs of the public.
Q: What are the future expansion plans for Model Bazaars, and how will this growth impact local communities?
Naveed Rafaqat Ahmad: We have ambitious plans to expand Model Bazaars to even more districts across Punjab. Our goal is to ensure that every major town and city has access to these markets, providing affordable goods and creating opportunities for local vendors. The expansion will focus on underserved areas where people struggle to access reasonably priced essentials. By building new bazaars in these locations, we not only provide economic relief but also stimulate local economies by supporting small businesses and generating jobs. This growth will make Model Bazaars a vital part of community development across Punjab.
Q: What effects have the Free Home Delivery services had on consumers, especially in rural areas?
Naveed Rafaqat Ahmad: The Free Home Delivery service has been a game-changer, particularly for consumers in rural and remote areas who often face difficulties in accessing marketplaces. This service allows them to order essential goods at lower-than-market prices, and have them delivered directly to their homes at no extra cost. In just a few months, we’ve processed thousands of orders, providing savings for consumers. This service not only saves time and money for households but also ensures they get high-quality products from trusted vendors, enhancing the public’s trust in our bazaars.
