The National Citizen Party (NCP) on Sunday accused the BNP-led government of attempting to reinstate “looters” within the banking sector, warning that such moves threaten to dismantle economic governance.
Speaking at a national convention titled ‘Energy, Economy, Reform, and Referendum’ held in the capital, speakers alleged that the current administration is facilitating the return of financial oligarchs who had previously orchestrated widespread plundering during the Awami League regime.
Controversial banking laws
AKM Waresul Karim, a professor at North South University’s School of Business and Economics, claimed the government has controversially transformed the Bank Resolution Ordinance into an Act, effectively altering its original objectives to favour “looters and mafias”.
Under the newly passed Section 18(a) of the Bank Resolution Act, former owners can reportedly regain control of banks by settling only 7.5 percent of their outstanding loans. Critics noted that this provision creates a loophole for the return of controversial business entities, such as the S Alam and Nassa groups, to regain control over five Shariah-based banks.
“Nothing has been said regarding the original owners who were forced to surrender their holdings through coercion,” Waresul Karim noted, adding that the law fails to disqualify those previously involved in financial crimes.
Economic fragility and debt
The convention also highlighted the “fragile” state of the national economy. M Masrur Rejaz, chairman of the Policy Exchange Bangladesh, stated that while the overt looting seen before 5 August has ceased, the economy remains in a precarious position with a revenue deficit of Tk98,000 crore over the last nine months.
He warned that the state’s extreme reliance on foreign loans has compromised financial discipline. “The current economic state is such that nearly all export earnings will soon be required merely to service foreign debt,” Rejaz said, calling for a total overhaul of the nation’s debt management and revenue sectors.
Political ‘meticulous design’
The political landscape drew sharp criticism from former Jahangirnagar University Professor Dilara Chowdhury, who described the BNP’s two-thirds majority as a “meticulous design” to dismantle planned political settlements.
“We are working with a deceitful party,” she remarked, comparing current trends to the BNP’s failure to implement promised reforms in 1991 and 2001. She further cautioned that signs of “monarchy-style” rule, similar to the previous administration, are beginning to emerge.
Mirroring these concerns, Mirza M Hassan, an adviser to the BRAC Institute of Governance and Development (BIGD), suggested that the government is sliding toward “bad governance” at an “abnormally rapid pace”.
Social and energy concerns
Fahim Mashroor, CEO of BDJobs.com, reminded the convention that half of the country’s educated youth remain unemployed-a social crisis that originally fueled the anti-quota movement. He lamented that no effective measures have yet been taken to address this.
On the energy front, NCP Member of Parliament Hasnat Abdullah expressed outrage over bureaucrats allegedly acting as “agents” for private energy firms. He claimed that officials often influence government policy in favour of these entities before joining them in high-ranking roles after retirement. He urged a shift away from import dependence towards renewable energy.
Reform and Public Mandate
NCP Member Secretary Akhtar Hossain accused the BNP of seeking excuses to avoid implementing reforms that the public had already supported in a referendum.
Meanwhile, Abdul Hannan Masud, the NCP’s joint chief coordinator, criticised new local government laws, alleging they are designed to remove opponents and appoint preferred administrators.
He noted that the government has retreated from essential commitments, including the establishment of a Police Commission, a Disappearances Commission, and a separate Supreme Court Secretariat.
