Budget to burdens ordinary people: GM Kader

Following the announcement of the budget for the fiscal year 2024-25, the opposition leader and chairman of the National Party, Golam Mohammad Kader MP, expressed his reaction to the media alongside journalists near the Parliament Tunnels.

At this juncture, the opposition leader and chairman of the National Party, Golam Mohammad Kader MP, stated, “This budget cannot be termed as people-centric. Indirectly, it will burden the people. There is no way for the people to find relief. Foreign investment will not increase due to environmental issues, resulting in a lack of job opportunities. Bangladesh will face a major economic crisis after this budget.”

Golam Mohammad Kader further stated, "The budget is conventional. There is nothing special beyond what has happened in the past few years. The country is facing an economic crisis. Inflation is rising, and the prices of daily commodities are increasing. Unemployment is a problem. Despite earning foreign currency, our expenses exceed our income. Reserves are decreasing daily. Our currency is depreciating. I do not see any steps in this budget to address these issues. The budget size is Tk. 7,97,000 crore. Operating expenses amount to Tk. 5,06,171 crore, while development expenditure amounts to Tk. 2,81,453 crore. Income is much less than expenses."

“Revenue income is shown as Tk. 5,45,400 crore. There is a deficit of Tk. 2,51,600 crore. The deficit is being covered by domestic and foreign loans. After paying interest from the foreign loan of Tk. 1,27,000 crore, we can use Tk. 90,700 crore. Tk. 1,60,900 crore is being taken as domestic loans. Operating expenses and loans are being made. The interest on domestic loans is Tk. 93,000 crore, and the interest on foreign loans is Tk. 20,500 crore. The interest on loans must be repaid in the future. Revenue income is shown as Tk. 5,45,400 crore. 62% is direct tax, the rest is indirect tax.”

“This burdens ordinary people. There is no initiative in sight to save the poor. Allegations of widespread corruption and mismanagement remain. What the government claims to achieve is unethical or shameful. The government claims to have created the capacity to produce 30,000 megawatts of electricity. In reality, it is possible to use only 13 to 15 thousand megawatts. If there is a need for 15 to 16 thousand megawatts, load shedding occurs.”

“Load shedding is happening all over the country. Even after 15,000, an additional 15,000 megawatts of production is not possible, but capacity charges are being paid. Tk. 1,37,000 crore has been spent on such plants. The reasons for the losses incurred by the people are being shown as beneficial. However, not everyone is getting electricity, not everyone is getting gas. The government has given importance to gas importation but has not taken any initiative for production. This is costing us a huge amount. Our fuel security is at great risk.”