Bangladesh's Economic Crisis: $16 Billion Looted Annually
A recent inquiry commission has revealed that Bangladesh lost approximately $16 billion annually during the 15-year rule of former Prime Minister Sheikh Hasina. The findings were presented by economist Debapriya Bhattacharya to the interim Prime Minister Mohammad Yunus in Dhaka. This alarming report highlights the extent of economic mismanagement and corruption that plagued the nation under Hasina's leadership.
The inquiry, which focused on seven major projects with expenditures exceeding 100 billion taka (around $836 million), indicated that the initial estimated costs of these projects ballooned from Tk 1.14 trillion ($10 billion) to Tk 1.95 trillion ($16.5 billion) due to inflated land prices and additional components added post-approval. Yunus expressed his dismay, stating, “Our blood runs cold when we know how they looted the economy.” He emphasized that many citizens lacked the courage to confront the rampant corruption.
The Aftermath of Hasina's Rule and Future Implications
Following a popular uprising that led to Hasina's ousting last August, many leaders of her party are either imprisoned, in hiding, or have fled the country. The interim government, led by Nobel laureate Yunus, has committed to recovering the embezzled funds and investigating the financial dealings of Hasina's allies. Central bank governor Ahsan Mansoor previously accused businessmen connected to Hasina's regime of collaborating with military intelligence to siphon off $17 billion from the banking sector. He noted that approximately 2 trillion taka ($16.7 billion) was illicitly transferred out of Bangladesh through various fraudulent schemes.
The findings of the inquiry commission underscore a broader issue of crony capitalism in Bangladesh, as Bhattacharya stated, “The problem is deeper than we thought.” The interim government is now tasked with addressing these systemic issues while restoring public trust in the nation's financial institutions.
