Abu Jakir :
The Awami League government’s proposed budget for the fiscal year 2024-2025 has faced unanimous rejection from the country’s major political parties. Critics argue that the budget lacks specific measures to address the ongoing economic crisis, including inflation, corruption, and instability in the banking sector.
Leaders from various political factions have condemned the budget as a continuation of deficit financing without clear strategies to stabilise the economy. Mirza Fakhrul Islam Alamgir, Secretary General of the main opposition Bangladesh Nationalist Party (BNP), vehemently criticised the budget, labeling it as “anti-Bangladesh” and accusing the ruling party of devising new schemes to facilitate public money embezzlement.
“The government has become looters,” Alamgir declared. “The budget crafted by these looters seems to be aimed at further indulging in plundering. I believe that fresh plans have been devised in the budget for embezzlement of public money.”
Similar sentiments were echoed by Jatiya Party (JP) Chairman GM Quader, who predicted a significant economic downturn resulting from the budget. Quader highlighted the increase in indirect taxes, which he claimed would place a heavier burden on the populace, deter foreign investment, and fail to create necessary job opportunities.
“Due to indirect taxes, the tax burden on people will increase, leaving no escape for the public,” Quader stated. “The lack of a conducive environment will not attract foreign investment, and thus job opportunities will not be created. Bangladesh will face a significant economic crisis after this budget.”
Rashed Khan Menon, President of the Workers Party of Bangladesh and a member of the Awami League-led coalition, expressed concerns that the budget was tailored to meet International Monetary Fund (IMF) conditions rather than addressing domestic economic woes. During a media briefing, Menon underscored his skepticism about the budget’s focus and effectiveness.
“I am not very optimistic about this budget,” Menon said. “Given the current reality, I don’t know what the detailed breakdown contains to address the crises in public life because we have only seen a brief summary.”
Menon highlighted the absence of significant measures to tackle pressing issues such as money laundering and the instability within the banking sector. “We have not seen any bold steps through which issues like money laundering and the chaos in the banking sector—including corruption—have been addressed. The economic chaos and the ongoing anarchy in the banking sector have not been significantly discussed,” he noted.
He further criticized the budget for shifting responsibility onto the populace, suggesting it leaves the public to solve their own problems.
“It seems to me that the responsibility has been left to the people. The budget seems to imply that the people should solve their own problems. It appears to be a continuation of past trends without much difference,” Menon added.
Rejecting the proposed budget, Amar Bangladesh Party (AB Party) held a protest in the capital on Thursday. The leaders of the party stated that the people of the country will reject this budget with contempt, as it increases the burden of taxes and loans.
AB Party’s Joint Convenor, Professor Major (Retd.) Abdul Wahab Minar, said that the government has repeatedly failed to demonstrate capability in implementing the budget. Due to the lack of competence and accountability in government offices, public funds are being wasted. A network of corrupt individuals has formed.
The budget has also been denounced by other prominent parties, including Jatiya Samajtanrik Dal (Jasad), the Communist Party of Bangladesh (CPB), Bangladesh Samajtantrik Dal (Basad), Nagorik Oikya, and the Left Democratic Alliance. These groups collectively described the budget as anti-people and anti-state, highlighting its failure to propose viable solutions for inflation and corruption, or to restore stability in the banking sector.
The Awami League government, however, has defended the proposed budget, asserting that it aims to address key economic challenges and promote growth. In an effort to tackle inflation and stabilize the economy, Finance Minister Abul Hassan Mahmood Ali on Thursday presented national budget, amounting to Tk7.97 lakh crore, for the fiscal year 2024-25.