NCP slams budget 2025-26 for lacking vision of economic transformation

Special Correspondent :

The National Citizens’ Party (NCP) has expressed disappointment with the proposed national budget for the fiscal year 2025-26, stating that it fails to reflect the aspirations for a “new economic arrangement” despite addressing some of the country’s existing economic challenges.

At a press conference held at the party’s temporary office in Banglamotor, Dhaka, NCP Convenor Nahid Islam said the budget was framed within the constraints of the current economic structure, which remains burdened by debt and irregularities.

“Though the government has acknowledged the economic problems, the budget remains confined within the old framework,” Nahid said. “We do not believe this budget will significantly reduce unemployment or create new employment opportunities.”

Finance Adviser Dr. Salehuddin Ahmed announced the Tk 7.90 trillion budget on Monday, marking the first budget under the interim government. While Nahid acknowledged the budget’s realistic approach, he criticized it for lacking a clear strategy for economic transformation. “The desire for a new economic arrangement and a vision for a more equal society has not been reflected,” he said.

He also voiced strong criticism of the reduced allocation for the Ministry of Expatriates’ Welfare and Overseas Employment, stating, “We had hoped the government would prioritize the needs of migrant workers, whose remittances play a vital role in stabilizing our fragile economy. But instead, the ministry’s budget has been cut in half, which we strongly condemn.”

Nahid further raised concerns about the lack of incentives for small and medium-sized enterprises (SMEs), and the negative implications of increased taxes on e-commerce and digital transactions. “This will adversely affect the growth of the digital economy,” he said.

The NCP leader also denounced the inclusion of provisions allowing for the whitening of black money, saying such incentives should not exist in a post-regime change context. “Even with these incentives, legalizing black money is unlikely to be effective. This provision should be withdrawn.”

However, Nahid welcomed the Tk 405 crore allocation for the families of those killed and injured during the July uprising, calling it a positive gesture. “We appreciate this step and urge the government to ensure the funds is used properly and that the promises made to those families are fulfilled promptly.”

Senior party leaders Nasiruddin Patwari and Samanta Sharmin also attended the press conference and echoed Nahid’s concerns regarding the budget’s limited transformative potential.