Opposition Leader and Jatiya Party Chairman GM Quader lambasted the government's handling of the economic crisis during a parliamentary session yesterday on the proposed budget for 2024-25 fiscal year.

He said it won't be possible to resolve  the economic downturn due to widespread corruption and criminalisation.

The Jatiyo Party chairman accused the government of facilitating corruption and encouraging tax evasion and money laundering.

He said a wealthy circle has emerged comprising corrupt individuals, bank defaulters, and money launderers.

GM Quader argued that the lack of accountability and governance failures, rather than external factors like the Covid-19 pandemic or the Ukraine conflict, pose greatest threat to Bangladesh's economic stability.

He criticised the mismanagement in the banking sector, pointing at the mounting bad debts.

GM Quader opposed the budget proposals to whiten black money with minimal taxes, suggesting higher tax rates to deter tax evasion effectively.

He also slammed the power sector for its excess generation capacity. Despite increased production capacity, about 15,000 MW of power remains unused, leading private owners to incur substantial rental or capacity charges in foreign currency.

He questioned the accuracy of the country's reserve figures, expressing skepticism towards official statements from the Bangladesh Bank.

GM Quader concluded by saying the budget fails to address fundamental economic issues.