Bangladesh’s Economic Comeback in Six Months is a Miracle

The Press Secretary to the Chief Adviser, Shafiqul Alam, stated that Bangladesh’s economy has made a miraculous comeback in the past six months. He also mentioned that before the interim government took office, the economy was on the verge of collapse at any moment.

Speaking as the chief guest at the ‘DJFB Talk’ event, organized by the Development Journalist Forum of Bangladesh (DJFB) at the NEC Conference Room in Sher-e-Bangla Nagar on Wednesday (February 27), the Press Secretary made these remarks. The event was presided over by DJFB President Hamid-Uz-Zaman.

Shafiqul Alam criticized government spending, saying,
"You don’t have money, yet you are building mosques. Why should the government build mosques? I saw in the media that Tk 15-16 crore was spent on a single mosque, whereas a local committee could have built it for Tk 3 crore. There has been a festival of corruption."

He emphasized the need to bring discipline to the energy sector, stating,
"State-sponsored looting has taken place in this sector. We are working on a permanent solution for the power sector and are in discussions with major power companies. We also plan to drill a significant number of gas wells to ensure energy security."

On attracting foreign investment, he said,
"The efficiency of the Chattogram Port must be improved. Without increased efficiency, investment will not grow. To facilitate re-exporting, Chattogram’s capacity must be enhanced. We are in talks with major global companies to develop every port in Chattogram, which will directly boost foreign investment."

Regarding financial mismanagement, he remarked,
"Bank money has been stolen. Former Awami League minister Saifuzzaman built a personal tunnel for himself. The economy was on the brink of collapse, but its six-month recovery has been nothing short of a miracle. The economic system we inherited was like a feudal lord’s—money was spent recklessly. To curb waste, taxes have been increased. A large portion of the budget is now being used to repay foreign loans."

Highlighting the failures of the previous administration, he said,
"Without an efficient energy system, no one will invest. The power system was set up for organized looting. The country needed investment, but it wasn’t prioritized. The revenue system was poorly managed. The previous government wasted money despite being cash-strapped.

For instance, 560 model mosques were built at an excessive cost, which could have been done for much less. Railways have been laid in a way that trains barely run throughout the day—a complete waste of public money."