The BNP on Sunday turned down the proposed national budget for the fiscal year 2024-2025, saying it is just an instrument designed to exploit the poor people and legalise plundering by a few oligarchs.
Speaking at a press conference, BNP Secretary General Mirza Fakhrul Islam Alamgir also said the government will not be able to implement the debt and deficit-driven big budget.
“The proposed budget is merely a tool aimed at exploiting the common and poor people of the country. The current looter regime’s budget serves only a handful of oligarchs who are not just involved in theft, but also in business and policy-making and controlling the entire nation,” he said.
Stating that the nation teeters on the edge of bankruptcy, the BNP leader compared the new budget to a flickering lantern of imagination, erected upon the unstable foundation of a weakened economy.
“Bangladesh is now in the hands of plunderers. This budget is a deceptive tactic to legalise their (govt’s) own theft. Fresh plans have been orchestrated in this budget to loot the country’s resources. We turned down this budget,” he said.
The BNP leader said the entire budget has been crafted for mega projects, mega theft, and widespread corruption.
Three days after Finance Minister Abul Hassan Mahmood Ali presented the national budget for fiscal year 2024-25 in parliament, BNP arranged a press conference at its chairperson's Gulshan office to give the party’s formal reaction.
Fakhrul said the proposed expenditure is much higher than the revenue collection target which will only impose additional burden on the common people. “Implementing such a big budget relying on debt and deficit has not been feasible in the past, nor will it be possible in the future,” he added.
He said the assets needed for budget implementation have been plundered by the oligarchs. “The banks are empty as the oligarchs depleted the banks taking loans under the government’s shelter. The lion’s share of this money has been siphoned off abroad.”
The BNP leader criticised the finance minister for proposing to burden the people with increased taxes and debt to collect money for implementing the “so-called” budget. “This budget depends on taxes and loans, and favours looters.”
Amidst intolerable inflation, Fakhrul said the budget exacerbates the burden on the common people, who are already undergoing a serious ordeal.
“Expecting a welfare-oriented budget from this unaccountable government is just foolishness. This budget is nothing but a shameless description of imposing pressure of both domestic and foreign loans on the common people,” he viewed.
Through this budget, the BNP leader said the finance minister mocked the people who are grappling with severe economic hardship, compounded by widespread corruption that has corroded financial institutions. “This is also a cruel and heart-wrenching deception with people.”
In the current economic crisis, he said unnecessary mega projects or economically inefficient structures should have been suspended. “Instead, funds should have been redirected to essential sectors like education, health, and agriculture for public welfare.”
The BNP leader said the social safety net could have further expanded when people are facing difficulties to cope with the growing inflation and skyrocketing prices of the daily essentials.
He criticised the reduction of allocations in the proposed budget for education, health, and agriculture, emphasising that these sectors are crucial for the economy.
Fakhrul voiced concern that the budget fails to provide any guidance for job creation, noting that numerous mills and factories are on the brink of closure due to the government’s tightening of imports of capital machinery and raw materials amidst the dollar crisis. “There’s no roadmap for the recovery of jobless workers and for the rehabilitation of distressed workers.”
He mentioned the budget lacks direction for improving macroeconomic indicators.
The proposed budget also lacks direction on reducing inflation. “Inflation puts immense pressure on people’s livelihoods, yet there’s no mention of how to address it in the budget. This budget is not just anti-people, it’s anti-Bangladesh and formulated for the benefit of plunderers.”
Fakhrul criticised the government for increasing bills for mobile phone calls, internet services, and import duty on laptops.
He also opposed the scope for whitening black money by imposing a 15 per cent tax, saying it will discourage honest taxpayers and encourage corrupt elements. “Granting licences for corruption is illegal, unethical, and unconstitutional.”
He said the country is facing an economic and political crisis due to the lack of good governance and accountability of this “mafia” government. “The only way to overcome this crisis is to protect the country from the clutches of all mafias and restore democracy. Establishing a responsible government through free, fair, and impartial elections is imperative,” he observed.
BNP standing committee members Mirza Abbas and Nazrul Islam Khan were among others present at the press meet.
