National Citizen Party Member Secretary and Rangpur-4 MP Akhter Hossen has claimed that Bangladesh's debt burden has increased by more than Tk1 lakh crore within four months of the current government's tenure, while warning that failure to implement reforms could undermine public confidence.
Speaking during the debate on the proposed national budget for the 2026-27 fiscal year in Parliament on Thursday, Akhter said the country's total debt had risen from around Tk23 lakh crore when the government assumed office to approximately Tk24 lakh crore.
“Within just four months, the government has trapped the country in an additional Tk1 lakh crore debt burden,” he said.
The NCP lawmaker questioned the government's commitment to implementing reforms that he said had been endorsed by voters through the referendum. Referring to the finance minister's budget speech, he noted that the minister himself had acknowledged the need for political reforms to address economic challenges and broader social problems.
However, Akhter argued that there had been little visible progress in that direction. “The people voted for the formation of a Constitutional Reform Council and for an independent judiciary. Yet the government has not spoken about these issues,” he said.
Drawing a comparison with the government's efforts to secure financial assistance from the International Monetary Fund (IMF), he said a failure to deliver reforms, good governance and democratic accountability could weaken public support.
“If reforms cannot be implemented, the ruling party, like the Finance Minister who had to return empty-handed from the IMF, may also have to return to the people,” he said.
Akhter urged the government to implement the referendum's verdict, establish a Constitutional Reform Council and move forward through consultation and review. He also alleged that the IMF had withheld support because meaningful economic reforms had not been carried out.
Referring to reforms initiated during the interim administration, he said an ordinance had separated the policy and management functions of the National Board of Revenue. According to him, the current government allowed that measure to lapse after taking office.
“Had the government accepted and implemented those reforms, financial management could have improved and perhaps the finance minister would not have had to return empty-handed from abroad,” he said.
The MP also criticised the state of the banking sector, describing it as disorganised. He raised concerns about the recently enacted Bank Resolution Act, saying it could allow former owners of troubled banks to regain control if certain financial conditions were met.
“Those who drove banks into insolvency, syphoned off money and looted these institutions may again get them back. What benefit can come from returning banks to such owners?” he asked.
Akhter further claimed that large-scale capital flight and rising non-performing loans had weakened the economy. Citing a white paper covering the Awami League period, he alleged that around US$240 billion, equivalent to nearly Tk30 lakh crore, had been siphoned out of the country.
“Bangladesh’s economy is now like a fragile hut. There is little money left inside,” he said.
He added that defaulted loans had placed severe strain on the economy, while inflation remained close to 10%.
The NCP lawmaker also rejected claims by some ruling party MPs that prices of essential goods had remained stable following the budget announcement. He argued that recent increases in electricity and fuel prices had already contributed to rising costs across the economy.
“When electricity and fuel prices rise, transport costs increase and the prices of all goods go up. The mechanism for increasing prices had already been set in motion before the budget was announced,” he said.
