15 May 2024, Wed, 2:46

Central Working Committee expresses concern over the severe financial crisis; calls to place pro-people budget

A meeting of central working committee of Bangladesh Jamaat-e-Islami was held with party's Ameer Dr. Shafiqur Rahman in the chair. The meeting expressed deep concern about the unprecedented corruption of the government, bank looting, share market scams, money laundering and so on and adopted the following proposal accordingly.

"The incumbent government has destroyed the electoral system in last 15 years and exploited the countrymen without any mandate. They do not have accountability and liability toward the people. The ruling party men have been looting everything and subsequently the overall economic systems have collapsed and became ruined already.

The government has made the country fully dependent on foreign loans. The government failed to implement half of the annual development plan which had been set for 2023-24 fiscal year. Price of all essential commodities have been increasing alarmingly. Load shedding is also on the rise. As a result, production in mills and factories have been reduced significantly.

Ruling party men are continuing extortion and tender terrorism nationwide. Through corruption, the ministers and the ruling party leaders and activists have established many institutions both in home and abroad. In the name of second home scheme, they have built their well- decorated houses and other establishments in different countries. Thousands of crores of taka have been laundered. Different research organizations revealed that more than 11 lakh crore taka have been laundered so far.

Many development projects have been undertaken in last 15 years. Its durations have come to an end but most of these projects have not been implemented. Rather, project costs have been increased to pave the way for looting and corruption. Various scams including Destiny, Hallmark, Reserve fund heist and the looting incidents of Islami Bank will be marked as the stigmatic chapter of Bangladesh's economic history.

Under the backing of the government, some ruling party men's syndicate often takes loan from different banks but denied to pay back. The amount of loan defaulters in taka have exceeded one lakh and 45 thousand crores. The banks and financial institutions have violated systems to make a way for granting loan to the ruling party men and subsequently rescheduled the date and limit for multiple times. Concerned financial institutions are at the verge of collapse because of such irregularities. The remittance flow has decreased as well because of the failures, negligence and least attentions of the government.

The export businesses have been reduced significantly as well. The import activities cannot take place due to dollar shortages. Liquidity crisis became severe in the banking sector. Bangladesh bank increased the dollar rate from 110 to 117 taka. But practically dollar rate is higher in the open market. Even the banks are showing lack of interest to open LC because of the dollar crisis. Even emergency medicines cannot be imported as per the demand. Inflation has increased from 9.81 to 15 percent. The commercial banks are somehow surviving by taking loans from the central bank. The government is also struggling to rule the country and this is why, recently the government sought 200 crore dollars as loans from foreign sources. Actually, the Businessmen, traders, industrialists and the common men, all are suffering terribly under the current regime.

The situation is so worse that around 15 banks are on the way to be collapsed. The government is mulling to publish new notes to manage the market situation. But the experts have already expressed their warnings in this regard. As the mismanagement and looting are continuing in the banking sector, so the people are not getting trust and confidence to deposit money over there as well. Resultantly, a sluggish and standstill situation has been created in the production, investment and employment sectors. In words, financial mismanagement, corruption, looting, and money laundering have destroyed the national economy totally. The government has miserably failed to preserve and maintain the financial disciplines. It is becoming apparent that; the government has destroyed the economy in a planned way to lead the nation towards bankruptcy.

Under the circumstances, Jamaat-e-Islami’s central working committee urges to bring a to the ongoing looting, and money laundering. A financial discipline must be ensured prior to the declaration of the next budget. And finally, the central working committee calls upon the concerned authorities to declare a pro-people budget for the next fiscal year.