'No money in banks, no funds in treasury; everything was sold to stay in power': Khosru blames AL for economic collapse
Finance Minister said the government had inherited empty banks, a depleted treasury and massive liabilities, forcing it to begin rebuilding the economy while repaying accumulated debts.
Finance Minister Amir Khosru Mahmud Chowdhury has blamed ousted Awami League government for leaving behind a collapsed economy, alleging that national interests were sacrificed to remain in power.
"No money in banks, no funds in the treasury; everything was sold to stay in power," he said at a programme commemorating the July Uprising at the Bangladesh University of Engineering and Technology (Buet) auditorium today (16 August).
Referring to the state of the economy left behind by the previous administration, the finance minister said, "It was a completely devastated economy. No one can understand this pain better than me as the finance minister."
Keep updated, follow The Business Standard's Google news channel
Khosru claimed that banks had been drained of funds, the stock market had collapsed, the state treasury had been left empty, and the government had inherited a heavy debt burden.
"The biggest challenge is that we are not starting from zero. We are starting from a negative position because we have to repay those debts," he added.
According to Khosru, the government inherited unpaid liabilities of Tk50,000 crore to Tk60,000 crore in the power sector alone, while many development projects had created long-term financial obligations without generating any meaningful return.
Despite the difficult financial situation, he said, the government had introduced initiatives such as the Family Card programme, the Farmer Card scheme and expanded primary healthcare services to ensure support reached low-income people.
The finance minister also accused the Awami League of undermining not only people's rights but also the country's independence and sovereignty.
"The tendency was to remain in power at any cost, even if it meant selling the country's interests," he said.
Khosru said the government's guiding principle was "Bangladesh First", adding that no action should ever go against the country's interests, independence or sovereignty.
Amir also highlighted the government's economic philosophy of the "democratisation of the economy", arguing that political democracy alone would not be enough without ensuring wider economic participation.
