Oligarch's opinions prioritised in preparing budget: Hossain Zillur Rahman

The finance minister has paid attention to the oligarchs or looters who have thrived under the shelter of power in preparing the national budget for fiscal year 2024-25, alleged Hossain Zillur Rahman, advisor to a former caretaker government.

He further said the provision to whiten black money has been kept with them in mind. At the same, not much discussion was held on reforming the economy and the banking sector, also thinking about them.

Hossain Zillur Rahman said this while addressing a discussion on the status of the country’s economy and the proposed national budget 2024-25, organised by Newspapers Owners’ Association of Bangladesh (NOAB) and Editors’ Council at a city hotel Monday.

He alleged that the finance minister paid attention to three types of people. Firstly, the International Monetary Fund (IMF). The IMF said this budget should not be too ambitious as the resources are limited. There has to be preparations for graduating from the LDC status as well. Secondly, he paid attention to the oligarchs. Thirdly, this budget is as usual. This means, the finance minister also paid attention to what the bureaucrats said so that their advantages do not get slashed.

In his explanation to whom the finance minister did not pay attention to, Hossain Zillur Rahman, also chairman of the Power and Participation Research Centre (PPRC), said they are the industrious entrepreneurs and hard working workers.

He also shed light on the steps taken to resolve the ensuing crisis in the economy. The budget size has been decreased to face the fragile condition of the macroeconomy. Almost all are in crisis because of the inflation. But the target to bring down the inflation rate to 6.5 per cent is not substantial. There is no strategy to curb the inflation rate. At the same time, there is no credible plan of action in the budget to face the challenges to job creation.

The advisor to a former caretaker government further said private investment is stagnant now. The entrepreneurs of this country are ready to work hard but there is a lack of trustworthy environment. A 30 per cent tax has been imposed on the honest taxpayers while 15 per cent has been fixed for black money.

Criticising the proposed budget, Hossain Zillur Rahman further said though VAT rate for motorcycles have been raised, the luxurious car facility for the UNOs have not been curtailed.