Nahid Islam, the Convenor of the National Citizen’s Party (NCP), has alleged that a fierce competition has emerged among individuals within the current government to become the next controversial business figures like “S Alam” or “Salman F Rahman”.
Speaking on Thursday evening at a discussion titled “Bangladesh’s Budget in Global Uncertainty: Priorities in Employment, Investment and Reform and the Disparity in Public Expectations for a Prosperous Bangladesh” in the capital, Islam criticised the administration’s trajectory.
He noted that while the public expected an end to the culture of corruption, the current government’s behaviour suggests an internal race to establish new economic monopolies.
Banking Sector and Looting Islam highlighted that the last 16 years have seen unprecedented looting and corruption within Bangladesh’s banking sector. He stated that massive loans were granted to specific individuals, groups, and families, who subsequently laundered the funds abroad and became loan defaulters. Despite public hope that the current government would dismantle this culture, Islam expressed regret that public expectations are not being met.
The NCP Convenor expressed skepticism regarding how much the government would value external discourse, noting that the administration has previously ignored opposition discussions to pass laws according to its own will. In response, he announced that the NCP is preparing a “shadow budget” focused on being reform-oriented, investment-friendly, and employment-driven.
Islam argued that economic reform is inextricably linked to political reform. He asserted that the current economic situation could have been managed effectively had the government maintained a minimum level of national unity. However, he claimed the government failed to uphold political reform promises made in the “July Charter” and the “Referendum” during its first session, causing the nation’s journey toward economic reform to retreat by “two steps”.
Addressing the investment climate, Islam emphasised that foreign investment is dependent on the confidence of domestic businessmen. He pointed out that while the government previously claimed an elected administration would bring a “surge” of foreign investment, the reality remains starkly different.
He compared the current administration’s performance with that of Muhammad Yunus, noting that while Yunus demonstrated a high capacity for establishing international relations and securing funds for Bangladesh, the current government has yet to receive a “minimum invitation” from any country, and IMF loans have remained closed to them.
Nahid further criticised the government’s reliance on big businessmen within its advisory committees, stating that trust cannot be earned this way. He called for an end to political lobbying that facilitates non-repayable loans for large corporate groups.
Drawing a sharp contrast to this corporate leniency, Islam pointed out the disparity where a small farmer is “tied with a rope” and jailed for failing to repay a mere 5,000 Taka loan. He urged the government to eliminate this discrimination, focus on providing loans to honest and small-scale businessmen, and prioritise industrial expansion.
Nahid offered cooperation in economic reform but warned that the deep crisis currently facing Bangladesh cannot be tackled by any government alone. He stressed that the country can only escape its “fragile economic system” through collective cooperation.
