BNP slams budget as favouring oligarchs over people

Reacting to the proposed budget for the fiscal year 2024-25, BNP Standing Committee member Amir Khosru Mahmud Chowdhury said that the budget is for the few oligarchs not for the people of Bangladesh.

He said: “Oligarchs will steal from the pockets of people from all walks of life in Bangladesh and they are not only running business policies, they are running the entire country.

The Awami League administration lacks the mandate to present this budget because it is not an elected government, he added.

Finance Minister Abul Hassan Mahmood Ali presented the proposed budget for the 2024-2025 fiscal year amounting to Tk797,000 crore (Tk7.97 trillion) in parliament on Thursday. This marked his maiden budget unveiling and the first budget after the reelection of the Awami League government in January.

"A budget should reflect a country’s resources. What resources does Bangladesh currently have? Banks are depleted, national debt is rising and a significant portion of the budget is allocated for debt repayment,” Khasru, a former minister, said.

"Bangladesh is losing state funds through theft, corruption and smuggling abroad. Reserves are dwindling, banks have been looted and the stock market is in shambles.”

Khasru said the proposed budget will not benefit the masses. It will result in higher electricity bills, gas price hikes, increased water bills and more taxes, he added.

He said an elected government is necessary for economic recovery. He called for a free-market economy that provides equal opportunities for all, saying that just as a level playing field is essential in politics, it is equally crucial in economics.