Proposed budget lacks crucial reforms amid crisis: Debapriya
“We do not see any relief in these areas in the proposed budget, nor is there a plan to resolve these issues,” he says
The proposed FY25 budget fails to address the stability of the economy, protect the financial condition of the disadvantaged segments of society, or introduce necessary reforms amid the current crisis, Dr Debapriya Bhattacharya, distinguished fellow of the Centre for Policy Dialogue (CPD) and convener of Citizen's Platform for SDGs, has said.
Speaking at a media briefing organised by Citizen's Platform for SDGs at the BRAC Centre in Mohakhali today, he underscored the importance of economic stability to align investment with inflation, balance the foreign exchange deficit, sustain growth, and create employment opportunities.
There is no major political commitment in areas requiring reforms, such as the energy sector, banking sector, and stock market using the government and administrative structures.
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"We do not see any relief in these areas in the proposed budget, nor is there a plan to resolve these issues," he added.
Debapriya Bhattacharya said, "There is no major political commitment [in the proposed budget] in areas requiring reforms, such as the energy sector, banking sector, and stock market using the government and administrative structures.
"These issues are inherently tied to power and politics. The pursuit of political power is not benefitting disadvantaged people. When we discuss various revenue collection methods and reforms, they are not designed for the benefit of the people but rather for individual interests."
At the event, M Masrur Reaz, chairman and CEO of Policy Exchange Bangladesh, said, "A significant portion of non-performing loans has been looted. This affects small traders. The loans the government plans to take will also affect small businesses because banks will allocate funds intended for small traders to the government."
Iftekharuzzaman, executive director of Transparency International Bangladesh (TIB), said, "Since 1972, Tk4,600 crore of black money has been legalised. The proposed budget offers another opportunity to whiten black money, which is unconstitutional."
At the event, Senior Research Fellow of CPD Towfiqul Islam Khan presented the keynote address. He said, "Rural poverty is increasing rapidly. This time, the government focused on increasing VAT collection from a larger population to address the financial shortfall."
Md Khairul Islam, regional director of Water Aid South Asia, said, "As in previous years, Tk2,000 crore has been allotted to the health sector in the budget. Ensuring that this funding is used to purchase and distribute medicine to hospitals across the country would be beneficial."
