Inflation, unemployment, default loans remain unaddressed: AB Party

Amar Bangladesh Party (AB Party), expressed dismay at the proposed budget for FY2024-25. It looks like the regime is desperate to secure the third installment from IMF as part of its smooth line of credit, easing pressure on ever declining dollar reserve and balance of payment. Given that the proposed budget is debt and deficit based, it has no option but to seek budgetary assistance from local banks and international donor agencies to feed its deficit, said a press release.

These observations were made by speakers at media briefing of AB Party on Monday afternoon at its central office. Prof. Dr. Abdul Wahab Minar, joint convenor, Mojibur Rahman Monju, member secretary, Asaduzzaman Fuaad, joint member secretary, Nasreen Sultana Mily, in charge of AB Party Women, were present at the briefing amongst others.

The proposed GDP growth target is 6.7% yet the growth in the current fiscal year is around 5.8%. Revenue collection plan is wrongheaded, while the NBR has never managed to raise over US $30bn, they were given target to raise around US$50 in next financial year amidst sluggish economic activities, speakers said at the briefing.

The tax burden upon the working and middle earning people s unbearable. The threshold remains at Tk 350,000 like last year with 9 per cent continuous inflation according to the government agencies. Real time inflation is 20-40 per cent to various daily commodities and at different times of the year. Poorer families, especially women and children, would be hard hit, added Barrister Mily.

The regime has been eager to secure a meagre sum of US $4.7bn from IMF which they could save from internal sources by cutting costs, reducing unnecessary spendings and curbing on corruption. Unnecessary development projects at unusually high cost would put pressure on average regular tax payers who have been suffering from squeezed earning but skyrocketing expenses. Nevertheless, whitening black money has been made easier.