Summary:
- The White Paper reveals that $234 billion was illegally siphoned out of Bangladesh during Sheikh Hasina’s 15-year rule, exposing widespread corruption across various sectors.
- Dr. Debapriya Bhattacharya, leading the White Paper committee, clarified that the focus is on detailing corruption processes rather than identifying specific individuals.
- Chief Adviser Dr. Muhammad Yunus described the report as a historic document, highlighting severe economic mismanagement and emphasizing the need for governance accountability.
- The committee reported annual illicit outflows averaging $16 billion, significantly worsening Bangladesh’s economic challenges.
In a significant development, the White Paper on Bangladesh’s economy, spearheaded by Dr. Debapriya Bhattacharya, was officially presented to Chief Adviser Dr. Muhammad Yunus. This document, described as a “historic” account, offers a comprehensive analysis of the economic state during the 15-year tenure of the Awami League government under former Prime Minister Sheikh Hasina. The report was unveiled at a press conference in Dhaka on December 2, 2024.
Dr. Debapriya Bhattacharya, a distinguished economist and head of the committee responsible for the White Paper, emphasized that the committee’s role was not to identify or apprehend corrupt individuals but to elucidate the processes and extent of corruption that occurred during this period. “Our task is to describe the identity of the corrupt, not to catch them,” he stated, reinforcing the committee’s focus on transparency and systemic analysis rather than individual accountability.
The White Paper reveals alarming details about economic mismanagement and corruption, highlighting that approximately $234 billion was siphoned off from Bangladesh between 2009 and 2023. This illicit outflow included funds channeled through countries like India, the UAE, and several tax havens. The report also notes that large-scale public projects experienced an average cost escalation of 70% due to graft, with significant delays in completion.
Dr. Muhammad Yunus, upon receiving the report, remarked on its significance as a historical document that sheds light on the severe corruption and financial mismanagement during Hasina’s regime. He noted that public funds were blatantly misappropriated without adequate public discourse or intervention from monitoring agencies.
The committee’s findings also address issues within Bangladesh’s banking sector, identifying it as one of the worst affected areas. The report indicates that several banks were technically bankrupt due to scams and financial mismanagement. Furthermore, it highlights how inflated budgets and political extortion contributed to financial losses in development projects.
The White Paper is set to be published in full within a month and will serve as an essential resource for understanding the challenges faced by Bangladesh’s economy. It aims to guide future governance by providing insights into avoiding similar pitfalls and ensuring more robust economic management.
As Bangladesh navigates its post-Hasina economic landscape, this document is poised to play a crucial role in informing policy decisions and fostering greater accountability within government structures.
Source: Daily Inqilab
