Dr Debapriya Bhattacharya, a renowned economist and policy analyst, has disclosed that significant irregularities have been uncovered within Bangladesh’s banking and energy sectors over the past 15 years.
The white paper committee prepared the report after three months of discussions, reviews, data collection, and verification, involving secretaries, businessmen, citizens and relevant individuals and institutions, he made the statement during a dialogue on the ‘Current Economic Situation and Launching of Open Budget Survey 2023 Results’.
“The committee formed by the government to prepare the white paper was given three months’ time. Our work has already been completed. We have received millions of data. Editing is underway. Hopefully, we will hand it over to the chief advisor next Sunday,” he told the programme at the Economic Reporters Forum on Thursday.
Debapriya said the committee on the ‘White Paper on the State of Bangladesh Economy’ is set to submit its final report on the financial sector to the chief adviser on Sunday with plans to publicly disclose it on Monday.
He also raised the question of why wealth earned through corruption and plundering is yet to be confiscated.
“If we can't return people their wealth from the mountain of corruption, what kind of revolution did we have?” he asked.
Tax collection will also get positive momentum if wealth earned through corruption can be returned to the public, he added.
Mentioning doubts of donors and investors he said, “Donors and foreign investors have invested in many big projects, and they are worried if these projects will continue in future. They want to understand how Bangladesh will remain connected with the global economy in the coming days,” the economist said.
While proposing a meeting between donors and the government in January, Debapriya recommended holding a forum meeting on inclusive and sustainable development within the next two months. “The forum meeting can bring back relief among the donors and investors.”
“Priority has to be given to five aspects, the first of which is controlling inflation. The other aspects are finding out the problems associated with individual investment, solving
the energy crisis, completing projects quickly by removing the barriers of government financing and taking effective steps to ensure proper tax collection,” Debapriya added.
If economic stability and security cannot be provided, the government's goals will not be fulfilled.
During the event, the economist proposed to present reports on what the government has done to assure people till now and what they will do in the next six months.
Research and Policy Integration for Development (RAPID), International Budget Partnership (IBP) and Economic Reporters’ Forum (ERF) jointly organised the event.
Debapriya pointed out that huge looting had taken place, particularly in the banking and energy sectors, and these issues will be highlighted in the forthcoming report.
The 12-member committee was formed on August 28, under the leadership of economist Dr Debapriya Bhattacharya, to highlight the overall economic situation of the country.
The committee has been reviewing both the sector-wise and macroeconomic conditions.
Dr M Abu Eusuf, a Professor at the University of Dhaka, Dr MA Razzaque, the Chairman of RAPID, Shawakat Hossain Masum, the Head of Online at Prothom Alo, Anarul Kabir, a Joint Secretary at the Ministry of Finance, Mohammad Refayet Ullah Mirdha, the President of ERF, and Abul Kashem, the Secretary of ERF, among others, joined the event.
