Long-term economic reforms in Bangladesh will be unattainable unless political and economic stability are ensured, remarked Dr Debapriya Bhattacharya, head of the White Paper Drafting Committee.
Speaking at a press conference on Monday (2 December), held at the Planning Ministry in Agargaon, Dhaka, Dr Bhattacharya revealed a scathing account of corruption and economic disparity under 15 years of Awami League governance.
The session was convened to unveil the committee’s findings in a 30-chapter, 400-page white paper.
Dr Bhattacharya stated, “During the previous government’s tenure, the system transitioned from crony capitalism to kleptocracy, rooted in the 2018 elections, which eroded the transparency of subsequent electoral processes.”
He advised the current administration to outline a clear two-year plan to address pressing economic and governance challenges.
Highlighting wealth inequality, he noted that 10% of the population currently controls 85% of the country’s resources.
“In the name of development budgets, 40% of funds—amounting to thousands of crores—were misappropriated,” he said, adding that these findings underline the dominance of oligarchs who have manipulated policy-making for personal gain.
Dr Bhattacharya also cited the United Nations’ perspective that Bangladesh is adequately poised to transition out of the Least Developed Country (LDC) category.
However, he stressed the need for concrete reform initiatives before the next national budget to ensure economic stability and accountability.
Other members of the committee corroborated his concerns.
Dr Abu Yusuf pointed out structural inefficiencies in revenue collection, including discrepancies in the Tax Identification Number (TIN) system.
He revealed that the National Board of Revenue lacks a framework for managing TINs after an individual’s death and has failed to address tax exemptions granted to various groups and sectors.
Dr Tasneem Siddiqui shed light on exploitative practices in migration, noting that excessive fees charged to migrants have facilitated capital flight.
Robust measures are needed to address critical areas requiring reform, said Dr Selim Raihan, while Dr Imran Matin criticised ineffective poverty alleviation strategies, saying, “With 10% of the population owning 85% of the wealth, superficial measures are not enough.”
Dr Mustafizur Rahman highlighted the burden imposed on future generations due to funds embezzled through mega projects, while Dr Zahid Hossain emphasised the importance of macroeconomic stability and an accountable administration.
Finally, Towfiqul Islam Khan flagged significant inaccuracies in government data, underlining the need for reliable statistics to guide policy-making.
The findings in the white paper have reignited calls for immediate and transparent reforms, with experts urging the government to seize this critical moment to reshape Bangladesh’s economic trajectory.
