‘Bureaucracy aided embezzle under past govt’

Staff Reporter :

Eminent economist Dr. Debapriya Bhattacharya has alleged that the bureaucracy played a significant role in facilitating the previous government’s financial misappropriations.
Speaking as the chief guest at a book unveiling ceremony organised by the Economic Reporters’ Forum (ERF) in Dhaka today, he said the administrative machinery offered “strong backing” to the regime’s irregularities.

The book, focused on financial journalism, has been authored by several finance reporters and experts, edited by Ziaur Rahman—editor of Bangla news portal Arthasuchak and published by Chandrabati Academy.

Dr. Debapriya pointed out that accountability failures at the top level were particularly alarming.
“If we are to identify two or three individuals, the head of the central bank would certainly be among the prime accused,” he said.

“His role is especially serious because ensuring accountability and transparency was his primary responsibility.” On rising non-performing loans (NPLs) in the banking sector, he said forensic audits have uncovered irregularities that were previously hidden.

“The NPLs that were kept under the carpet have now come to light. Provision shortfalls and reserve deficits have also been exposed. It’s not just that NPLs have increased capital erosion has also been revealed.”

He compared the situation to discovering long-ignored health conditions,
“You simply didn’t know your body had so many ailments. Now that they’ve been diagnosed, you’re alarmed. But there is no reason for panic just because these internal problems are finally visible.”

Dr. Debapriya then questioned the government’s efforts to resolve the ongoing crisis.
“Beyond merging five banks, making accounts more compliant, appointing administrators in various institutions, and restoring the previous form of the Banking Companies Actwhat substantive steps have been taken?”
He asked. “We want to see evidence of good governance and genuine progress.”