Daily Times

In the last 15 and a half years, the deposed dictator Sheikh Hasina’s government has blown the lantern of development with false economic data and statistics.

Under the cover of these, millions were smuggled out of the country. The entire economy has been pushed to the brink. Now, the real facts are coming out; exposing the skeleton of the economy that silenced the development lanterns of the autocracy. Dictator Sheikh Hasina and her family members stole Tk 60 thousand crores Taka ($5 billion) from a Rooppur nuclear power plant, according to newspaper reports. More such corruption information may gradually come to light. Already, unimaginable information about the corruption of the ministers and MPs of the autocratic government and the increase in huge wealth is being published.

The Awami League government took countless loans for more than 15 years. Analyzing the domestic and foreign debt data obtained from the finance department of the finance ministry, it has been found that at the time of resignation, Sheikh Hasina’s government left the country with a debt of $156 billion. In 2008, when Sheikh Hasina had come back to power, Bangladesh’s debt was only $33.66 billion. Her departure on August 5, amidst an unparalleled student-led rebellion, left the nation saddled with $156 billion in domestic and international debt. As of June 30, when converted to local currency, the nation’s overall debt was above Tk 18.35 lakh crore, according to figures from the finance ministry. Among these were $88 billion, or more than Tk 10.35 lakh crore, derived from domestic sources, with external debt accounting for the remainder of $68.33 billion, or about Tk 8 lakh crore. The government was exploiting the Bangladesh economy by corruption.

No matter how good the government is, it will quickly lose people’s confidence if it fails to restore and accelerate the economy.

The onus is on the interim government to pay off the debts and lift the economy from the bottom. Recovery of the economy has now become a major challenge for this government. From the beginning of the formation of the government, we have been saying that the government should start working quickly to rebuild the economy and bring relief to the difficult life of the common man. No matter how good the government is, it will quickly lose people’s confidence if it fails to restore and accelerate the economy. This includes various conspiracies and conspiracies to destabilize the government. Observers believe that the government may be in trouble due to the economy on the brink and the machinations of the fallen autocrat Sheikh Hasina and her cronies. Already, various groups seeking opportunities have taken to the streets with various demands. Observers believe that this is part of a conspiracy by the fallen government and a plot to destabilize the interim government. The term of the interim government is not yet two weeks old. It is impossible to fix everything or change overnight in this short time. The government is working continuously. All those working as advisors in important government ministries are skilled and experienced. Repairing the fragile economy will take time and they must give it time.

Common people should cooperate with the government by regularly paying the income tax of the taxable persons and outstanding gas, electricity, and water bills. Expatriates should send more remittances to the country legally. Already, the remittance flow has started increasing. Remittances have grown exponentially since the fall of dictator Sheikh Hasina on August 5.

The influential countries and international organizations of the world, including the United Nations, have given support to the government of Muhammad Yunus, as well as assuring their overall cooperation. The government should take action to implement these assurances. Since the global chief advisor Muhammad Yunus has wide acceptance and respect, it is necessary to take advantage of his image to get economic cooperation as soon as possible. The international community must urge the repatriation of the Rohingyas, who are putting pressure on the country’s economy. Planning Advisor Wahiduddin Mahmud said in a discussion meeting with Planning Commission officials last Monday that the projects taken by the previous government for political purposes will be re-evaluated and trimmed. Annual development programs will be cut by cutting spending. The huge amount of money that donor agencies have in the pipeline will be used to prevent wastage. He said that increasing employment will be given more importance than increasing GDP. His starting plan is very positive.

Many of the oligarchic business class syndicates that formed around the deposed dictator Sheikh Hasina are now on the run. But their vast industrial establishments remain. It is essential to sustain these industries. Millions of people are working in these establishments. It is playing a role in the production sector of the country. These industries cannot be shut down because of the crimes of their leaders.

It would not be appropriate for the individual to harm the institution. During the previous autocratic regime, the implementation of the ADP was on a downward trend every year. The project was not implemented on time due to corruption. In this regard, the relevant ministries of the government should take effective plans and steps and implement them properly.

The interim government has to start a comprehensive economic campaign to overcome the deplorable state that the dictatorial Sheikh Hasina government has left the country’s economy through looting, money laundering and internal corruption.

The writer is a Bangladesh-based independent columnist and freelance journalist.