The last week put Pakistan in international limelight. Locally, we were discussing traffic problems due to security measures taken in the wake of the Shanghai Cooperation Organisation (SCO) Summit 2024 in Islamabad. 

The Summit brought a game changer moment for Pakistan; in fact there were two important events that will have lasting impacts on its economy: the recent IMF bailout package and the SCO Summit. As CEO of the Punjab Model Bazaar Management Company (PMBMC), I see both as tremendous opportunities to not only stabilise our economy but also bring direct benefits to the people of Punjab. Through a strategic combination of international financial support and enhanced trade partnerships, we are poised to strengthen our local markets, create jobs, and ensure a better future for consumers.

Let us start with the IMF bailout. This financial package will help stabilise the country's economy by controlling inflation and reducing the trade deficit. For consumers in Punjab, this is crucial. As the economy stabilises, we can expect essential goods like cooking oil, pulses, and medicines to become more affordable. This is particularly important for everyday consumers who have been bearing the brunt of rising prices. The bailout will also ease government debt, freeing up resources that can be directed towards public welfare projects, such as our Model Bazaars.

Model Bazaars, which I have been managing since 2016, are designed to provide affordable goods to the public, especially in times of economic strain. With the IMF package stabilising prices, we can offer a wider variety of products at competitive rates. This is great news for consumers who rely on our bazaars for essential commodities. Morever, the bailout will give businesses the confidence to invest and grow, which means more opportunities for vendors in our markets. A stable economy will also make it easier for us to expand our services and maintain our commitment to public welfare.

Now, looking ahead to the SCO Summit, there is even more to be optimistic about. The summit brought together key trading partners like China, Russia, and Central Asian nations. This means new opportunities for exports and imports, which will directly benefit Punjab’s agriculture and industrial sectors. For our Model Bazaars, the increased trade with SCO countries will allow us to introduce high-quality products at lower prices, further enhancing the value we offer to consumers. The influx of goods from SCO member countries could also bring technological advancements and infrastructure improvements that will improve supply chains and logistics, making it easier for us to maintain low costs.

For businesses in Punjab, the SCO Summit opens doors to new markets. Our local vendors, who are already thriving in Model Bazaars, will have the opportunity to expand their reach beyond provincial and national borders. More trade means more jobs, and this will help stimulate economic growth in Punjab. I see this summit as a catalyst for foreign investment in infrastructure and technology, which will make it easier for businesses to grow and for consumers to access a wider range of products.

The Free Home Delivery service we introduced in 2024, which has been a game-changer, will benefit immensely from these developments. With improved trade and better access to goods, we can continue to provide affordable essentials to rural and remote areas. This service has already saved households significant amounts of money, and with the IMF bailout and SCO partnerships, we expect to expand our delivery network further, ensuring that more people in Punjab benefit from quality products at lower costs.

Looking ahead, our expansion plans for Model Bazaars are more ambitious than ever. With the support of the IMF bailout and the new trade avenues opened by the SCO Summit, we plan to bring these bazaars to even more districts across Punjab. By doing so, we’ll not only provide affordable goods to consumers but also generate job opportunities and stimulate local economies. This expansion will be a win-win situation for both vendors and consumers, creating a more stable and prosperous economic environment.

Author:

Naveed Rafaqat Ahmad is a seasoned professional with a strong background in finance, corporate governance, and public sector management. As a Chartered Accountant and Certified Business Analyst, his expertise spans financial restructuring, operational efficiency, and strategic leadership. Over the years, he has been instrumental in transforming organizations into well-reputed and distinguished entities, known for their public trust and operational transparency. Through his visionary leadership, Naveed has driven organizational growth and innovation while maintaining a focus on public welfare.

He has successfully led large-scale initiatives, strengthening financial sustainability and ensuring social impact. His ability to implement strategic governance, engage stakeholders, and improve operational processes has built a strong reputation for the organizations he has managed. Known for his sharp decision-making, negotiation, and stakeholder management skills, he consistently demonstrates the capacity to balance financial goals with societal needs, solidifying his place as a highly respected figure in his field.