Awami League budget to benefit oligarchs, not the people: BNP’s Amir Khosru

The first budget of the Awami League government in its third consecutive term aims to give facilities to “oligarchs”, BNP leader Amir Khosru Mahmud Chowdhury has said.

It has failed to fulfil the people’s expectations as well, according to the former minister.

AHM Mustafa Kamal presented the Tk 5.23 trillion budget in parliament on Thursday, his maiden one as finance minister, with an 18 percent increase from the last one and a target of 8.2 percent GDP growth.

The ruling Awami League has welcomed it as “realistic and people-oriented”, taking out processions to celebrate.

Khosru, a standing committee member of the BNP, in the beginning of his reaction to the budget at a media briefing in Dhaka, said the “unelected” government has “ethical right” to make a national budget. 

“The budget they have presented and the financial activities ongoing now are to facilitate a class. A certain class has captured even budget management,” he said. 

“The country is not being run by market economy. The economy and politics of the country have been held hostage by an oligarchic class,” he added.   

He claimed the country’s macro-economy has collapsed with investments stalled, liquidity crisis in the banking sector and a near-dead stock market.

The huge government borrowing from banks has caused the impasse in investment and discouraged people to deposit money, he said.

“Bangladesh’s economy is going to become a debt-based economy. It is the most horrific thing that we are nearing a death trap. Danger will come when we will have to repay the loans,” Khosru said.