Bureaucracy was big supporter of previous govt’s thefts: Debapriya

Eminent economist Debapriya Bhattacharya said the bureaucracy provided strong support to the previous government in carrying out its misappropriations.

He made the comment today at the Economic Reporters' Forum (ERF) in Dhaka while speaking as chief guest at a book unveiling event on economic journalism, written by several financial journalists and experts.

"If we have to name two or three individuals, the head of the central bank would be among the key accused. Within this entire process, his wrongdoing is particularly serious because it was his responsibility to ensure accountability, transparency, and related matters," he said.

The book was edited by Ziaur Rahman, editor of the Bangla news portal Arthasuchak, and published by Chandrabati Academy.

In response to a question about why non-performing loans (NPLs) in the banking sector are rising, the economist said forensic audits have been conducted in banks.

"The NPLs that had been concealed have now been exposed. Shortfalls in provisions and deficits in reserves have also been revealed. It is not just that NPLs have increased; capital shortfalls have also come to light."

"In truth, you did not know your body had so many illnesses. Now that the illnesses have been identified, you are feeling alarmed. I believe there is no reason for distress simply because these internal problems have been exposed."

"The question is: what steps has the current government taken during this period to address these issues?

"Other than merging the five banks, making these accounts more compliant, appointing administrators in different institutions, and reverting the Banking Companies Act to its previous form—what else has been done? We want to see what has been achieved in terms of good governance."