Politicians aided by loyal bureaucrats were behind irregularities in development projects taken and implemented when the Awami League was in power, secretaries and other officials told a whitepaper panel.
The authoritarian political practices by the previous Awami League government gave rise to crony capitalism and the cronies later started to control the politics to dictate the terms of the economy, said Debapriya Bhattacharya, chief of the panel to prepare a white paper on the state of the economy.
The previous government’s economic data were based on weak foundations, reflecting a sense of helplessness by officials of that time, according to Debapriya Bhattacharya, a distinguished fellow at the Centre for Policy Dialogue.
The government will prepare a white paper on the state of the economy so that strategic steps can be taken to stabilise the economy, reach the SDGs, and mitigate the challenges after Bangladesh graduates from the LDC grouping.
The budget for the upcoming fiscal year, presented in the context of inordinately complex economic circumstances, reflects both the government’s restraint and limitations.
Persistent high inflation, high debt burden and slow economic growth are the three challenges facing the economy, noted economist Debapriya Bhattacharya said yesterday.
As the US dollar shortage persists, businesses in Bangladesh are increasingly finding it difficult to open letters of credit (LCs) since banks can’t supply the adequate American greenback needed to finance imports.
“Per capita income is the income that is not seen by mass people but built on a few people.”
The government should prioritise job creation and inflation control in the budget for the next fiscal year in a bid to help the marginalised people survive amid higher prices of essentials, said the Citizen’s Platform for SDGs, Bangladesh, yesterday.
The National Board of Revenue (NBR) asks banks to provide financial information on accounts held by Centre for Policy Dialogue’s Distinguished Fellow Debapriya Bhattacharya, his wife and their family members within seven days.