Staff Reporter :
Debapriya Bhattacharya, the head of the White Paper Committee on Bangladesh’s economy, has emphasised that dismantling the oligarchic class that has emerged in Bangladesh over the past decade is crucial for implementing meaningful reforms in the country.
Speaking at a policy dialogue on Financial and Economic Reforms in Bangladesh 2024, held at BRAC University in Dhaka on Saturday, the eminent economist stated, “It is essential to repair the state by breaking up this oligarchic group. Only then can reforms progress across various sectors.”
He warned that without structural changes to the state, even minor improvements would be impossible, leaving the door open for a return to the old system.
Dr Bhattacharya also stressed the importance of ensuring economic stability as a prerequisite for undertaking sectoral reforms.
He outlined how the financial sector has been subjected to significant exploitation over the past 15 years by a coalition of politicians, business leaders, and bureaucrats.
“All those who were responsible for oversight have failed miserably,” he remarked, without naming any individual but alluding to former central bank officials.
Dr Bhattacharya, a distinguished fellow at the Centre for Policy Dialogue (CPD), argued that this alliance has fostered an oligarchic class, collectively resisting reforms and enabling systemic corruption.
He described oligarchs as a group that prioritises its own narrow interests over the broader needs of the private sector, influencing policymaking by taking control of state mechanisms.
“These oligarchs have not confined themselves to a single sector. Instead, they have extended their influence across banking, energy, the capital market, offshore banking, and potentially even illegal money laundering,” he observed.
The economist called for urgent reforms to break the grip of this powerful elite on the country’s economy, stressing that such measures are essential for achieving genuine progress.