Staff Reporter :
In 2023, the country’s banking sector was jolted by a significant surge in default loans, reaching Tk1.45 lakh crore, equivalent to nine percent of the total outstanding loans, as reported by Bangladesh Bank.
While the rate of loan default in several South Asian nations is decreasing, Bangladesh finds itself grappling with an escalating burden of default loans, with only Sri Lanka, its South Asian counterpart, exhibiting a higher default rate. Surprisingly, even Pakistan boasts a lower default rate than Bangladesh.
Numerous experts, economists, and political entities, including the Left Democratic Alliance (LDA), a coalition of eight left-leaning parties, have called for transparency in revealing the identities of major loan defaulters.
They argue that the country’s economy has long suffered under the weight of soaring default loans, partly due to state sponsorship.
During a rally held in front of the National Press Club, the LDA demanded an investigation and the publication of a white paper addressing allegations of money laundering, the recovery of illicitly transferred funds, the retrieval of defaulted loans, and the punishment of those culpable for financial sector mismanagement.
They further underscored the normalization of money laundering and bank fraud, attributing it to collusion with ruling authorities.
Eminent economist MM Akash, speaking at the rally, characterized the prevailing economic model in Bangladesh as “Crony capitalism,” emphasizing that a sustainable private sector cannot thrive in cahoots with plunderers.
Ruhin Hossain Prince, coordinator of the alliance and General Secretary of the Communist Party of Bangladesh (CPB), squarely held Bangladesh Bank accountable for the mismanagement of the nation’s financial sector.
He urged the populace to resist corruption, plundering, and autocracy, advocating for the establishment of a socialist economic system in lieu of the current “Free Market Economy.”
CPB President Mohammad Shah Alam denounced the government’s complicity in fostering a culture of plunder, asserting the necessity for mass movements and struggles to counteract such malpractices. He also decried the blatant manipulation witnessed during the preceding parliamentary elections.
The rally, presided over by CPB leader Sajedul Haque, featured addresses from other prominent figures, including Abdus Sattar of the Revolutionary Communist League, Moshrafa Mishu of the Democratic Revolutionary Party, and Abdul Ali, Executive President of the Samajtantrik Party.
Following the rally, the Left Democratic Alliance led a procession through Topkhana road, culminating at the gates of Bangladesh Bank.
