A recent investigation has revealed that an estimated average of $16 billion was illicitly siphoned out of Bangladesh each year during Sheikh Hasina's 15-year rule. This alarming figure was presented by a committee led by economist Debapriya Bhattacharya to interim leader Muhammad Yunus on December 1, 2024. The findings are detailed in a comprehensive white paper titled 'Dissection of a Development Narrative', which highlights extensive corruption and crony capitalism that plagued the nation during this period.
The committee's investigation focused on seven large projects, each with expenditures exceeding 100 billion taka (approximately $836 million). Initial cost estimates for these projects were set at 1.14 trillion taka, but these figures were later revised to 1.95 trillion taka, indicating significant financial mismanagement and manipulation of economic data. The report also noted that over Tk 700,000 crore was spent on the Annual Development Programme, with 40% allegedly plundered. Yunus expressed outrage over the economic plunder, emphasizing the need for accountability and transparency in governance.
Moreover, the report suggests that significant tax exemptions and kickbacks in power generation investments contributed to the financial discrepancies. The findings come in the wake of significant political upheaval, as Hasina was ousted by student protesters in August 2024. The implications of this report are expected to be profound for the future of Bangladesh's economy and governance, as they shed light on the detrimental effects of oligarch control and crony capitalism on public trust and economic stability. This investigation is seen as a critical step in addressing the corruption that has long hindered the country's development. The report is expected to be published for public access soon, aiming to address critical economic challenges facing Bangladesh. [07b93e35][528f6bbb][485e17a7]