GM Quader: Stop criminalisation of economy first to tackle economic crisis

Opposition Leader and Jatiya Party Chairman GM Quader on Saturday said that it is unrealistic to think of resolving the ongoing economic crisis by spreading corruption and criminalisation in the economy.

He also said there should be an accountability system everywhere in the society to heal the economy.

“Only then there will be good governance in the country,” he said while speaking in Parliament taking part in the general discussion on the proposed budget for 2024-25 fiscal.

GM Quader said the government has created opportunity for free corruption through enacting laws with impunity in the power and energy sector.

The government has also created scope to legalize the illegally laundered money by introducing offshore banking, he added.

Besides, GM Quader also said the government proposed to give impunity from corruption through whitening black money by paying name only taxes.

A bog rich and super rich class has been created comprising of corrupt individuals and groups, bank defaulters, money launderers.

“Various facilities have been ensured in the proposed budget to bring them into the mainstream of the economy,” he added.

GM Quader said that the impact of the Covid pandemic and the war in Ukraine did not create major problems in Bangladesh rather the real problem is lack of accountability resulting in lack of good governance.

“As a result, corruption and criminalization spread widely at every level of the society. Economic activities and related policies are influenced by individual interests and group interests,” said the JP chief said.

In a word, it can be said that the economic crisis of Bangladesh cannot be overcome without overcoming the lack of good governance in stopping criminalization in the economy, he added.

Quader said there was no recognition of the main problem in the budget and no direction to deal with that problem.

“Rather, attempts to encourage the causes of the problem can be observed. Therefore, a sustainable and permanent solution to the existing economic problems cannot be expected any time soon.”

Criticising the mismanagement in the banking sector, GM Quader said that the banking sector is in shaky condition, and The reason is bad debt.

Opposing the proposal to whiten the black money, he said that many people said it is not according to the constitution.

“If this opportunity is to be given, he proposed to give the opportunity to turn black money into white by paying 50-60 percent tax instead of 15%,” GM Quader also said.

Criticizing the power sector, GM Quader said that excess power generation capacity has created a serious problem in the country's economy.

It is true that the production capacity has been increased, but half of it is not being utilized. But the interesting thing is that half of that meaning about 15,000 MW of unused generation, the private owners have to pay a large portion of rent or capacity charges in foreign currency.

Criticizing the Offshore Banking Act, GM Quader said that a large exemption or indemnity has been given through the Offshore Banking Act.

Raising question on the exact figure of the country’s reserve, he said which people believe what they hear in the media, people don’t believe in Bangladesh Bank’s statement in this regard.

Source: UNB