The economic turnaround witnessed in Bangladesh over the past six months has been nothing short of a “miracle,” according to Chief Adviser’s Press Secretary Shafiqul Alam.
He asserted that before the interim government assumed office, the country’s economy was on the verge of collapse.
Speaking as the chief guest at the "DJFB Talk" event, organised by the Development Journalists’ Forum of Bangladesh (DJFB) at the NEC Conference Room in Sher-e-Bangla Nagar on Wednesday (26 February), Shafiqul Alam underscored the economic mismanagement that had plagued the nation.
The session was chaired by DJFB President Hamid-Uz-Zaman.
Shafiqul Alam questioned the rationale behind the government’s excessive spending on non-essential projects, particularly citing the construction of mosques.
“If you do not have money, why build a mosque? The government should not be responsible for this. I have seen reports stating that BDT 15-16 crore was spent on constructing a single mosque, whereas local community committees could have accomplished it for just BDT 3 crore. A festival of corruption was taking place,” he remarked.
On the energy sector, he emphasised the need for stringent discipline, criticising the state-sponsored mismanagement and alleged financial irregularities.
“The power sector has been looted under official patronage. We are working towards a permanent solution, engaging with major power companies, and ramping up gas exploration by drilling a substantial number of wells,” he stated.
Addressing foreign investment, Shafiqul Alam highlighted the necessity of enhancing efficiency at Chattogram port.
“Investment will not increase unless Chattogram port operates more efficiently. If we aim to re-export, the port’s capacity must be expanded further. We are in discussions with leading global companies to develop every port in Chattogram, which will directly boost foreign investment,” he explained.
He further alleged large-scale embezzlement in the banking sector.
“Funds have been looted from banks. A former minister from the Awami League, Saifuzzaman, built a tunnel for personal use. The economy was on the brink of collapse, but in just six months, we have seen a miraculous recovery,” he claimed.
He lamented the reckless financial decisions of the previous administration, stating, “We inherited an economic system where money was squandered like a feudal lord’s excess. To curb wastefulness, taxes have been increased, and a significant portion of the budget is now allocated towards repaying foreign loans.”
Alam also criticised inefficiencies in the energy system, which he argued deterred investment.
“No one will invest if the energy sector lacks efficiency. The power system was systematically plundered. The country desperately needs investment, but the previous government failed to secure it. Revenue collection mechanisms were flawed, and funds were spent indiscriminately. The previous government constructed 560 model mosques at an inflated cost, which could have been built for significantly less. Railway lines were laid in a manner that rendered them virtually useless, with trains barely operating throughout the day. This is nothing but a blatant waste of public funds,” he concluded.
