Will FY24 budget ease public sufferings? Political parties are divided in their opinion

The Awami League says the budget will help Bangladesh tackle a cost-of-living crisis, but BNP thinks it will only add to people’s sufferings

The polarisation in Bangladesh’s politics is starkly evident once more, with the two main camps diametrically opposite in their views over whether the budget for 2023-24 will reduce people’s sufferings. 

The ruling Awami League and its allies think the budget is people and development-friendly. 

But the BNP and other opposition parties say it will only worsen people’s struggle with a cost-of-living crisis. 

“This budget will help Bangladesh turn around from the crisis. We hope it’ll keep prices within the reach of the people,” Awami League General Secretary Obaaidul Quader said. 

Jahangir Kabir Nanak, a presidium member of the party, said the budget especially focuses on efforts to bring forward the low-income people. 

“It also focuses on helping the businesses, so that the unemployment rate can go down and entrepreneurs can emerge.” 

But Amir Khasru Mahmud Chowdhury, a member of the BNP’s National Standing Committee, was critical of Finance Minister AHM Mustafa Kamal for relying on domestic and overseas borrowings to offset the huge deficit. 

“The next generation will bear the brunt of these loans,” he said. 

“An economy of looting has been created through these loans. And the people are the victims. Foreign loans have jumped from Tk 80-100 billion to Tk 1 trillion.” 

Amir Khasru, a former commerce minister, said the government has conformed to the International Monetary Fund’s suggestions out of fear that the “economy of looting” will be hampered if the IMF’s advices go unheeded. 

In this situation, according to him, a political solution is needed to take Bangladesh “out of the crisis created by the government”. 

“And the political solution is a parliament elected by the people who will be accountable to the people,” Khasru said, terming the government “illegal”. 

He alleged the government took big infrastructure projects to launder huge amounts of money abroad. “This is why the country is facing a dollar crisis, there is no money in the banks and the capital market is in dire straits.” 

Some intelligence agents were present when Khasru was speaking to journalists at his home. 

Khasru was angry about their presence and said: “It proves that we must be careful while reacting to the budget, or there is no scope of giving one’s reaction. Just think about it – what kind of budget such a government can make.” 

GM Quader, chairman of the Jatiya Party, said indirect taxes were imposed on “everything”, which will increase people’s suffering. 

He also believes the efforts to follow the IMF’s suggestion will lead to an increase in prices of commodities. 

Rashed Khan Menon, president of the Workers Party, said the budget does not make it clear how the government will control inflation and tackle other challenges. 

Hasanul Haq Inu, president of the Jatiya Samajtantrik Dal, hailed the budget, saying it will help keep prices down, and power and gas supply undisrupted. 

The Communist Party of Bangladesh criticised the government for not mentioning how it will reduce inequality and corruption.