No reforms possible if oligarch class not broken: Debapriya

If the oligarch class that has emerged in Bangladesh over the past decade is not dismantled, no reforms will be possible in the near future, Debapriya Bhattacharya, the head of the white paper committee on Bangladesh's economy, has said.

"The state must be repaired by breaking up this oligarchic group, and through this, reforms can be advanced in various sectors," the eminent economist said while addressing a policy dialogue on "Financial and Economic Reforms in Bangladesh 2024" at BRAC University in Dhaka yesterday (16 November).

"If the state isn't reformed, even minor changes won't hold, and there will be no barriers against the old system coming back."

He emphasised the need to ensure economic stability before undertaking reforms in various sectors.

Debapriya, also a distinguished fellow at the Centre for Policy Dialogue (CPD), described the financial sector's severe exploitation over the past 15 years by a coalition of politicians, business leaders, and bureaucrats.

He noted this alliance has fostered an oligarchic class by collectively opposing reforms and enabling corruption.

The eminent economist described oligarchs as a group that, instead of serving the overall interests of the private sector, has influenced policymaking for their own narrow interests by taking control of the state.

"These oligarchs did not limit themselves to one sector. Rather, they have involved themselves in everything from banking and the energy sector to the capital market, and possibly offshore banking and illegal money laundering," he said.

He also discussed how the central bank was used to plunder the financial sector.

Without mentioning the name of former central bank governor Abdur Rouf Talukder, he said, "Those who were supposed to oversee it have failed miserably."