24 Padma Bridges Could Have Been Built with Bad Debts Created in the Banking Sector

The final report of the Economic White Paper Committee formed by the interim government has exposed the dark chapter of autocratic Sheikh Hasina. It says that at least 2.5 lakh crore taka has been looted in the last 15 years. It was possible to build 24 Padma Bridges with the actual amount of bad debt created in the banking sector. Because the country's banking sector was the most affected during the previous government's tenure. There were incidents such as taking out loans in the name and name of the people, laundering money abroad and changing the ownership of banks by holding a pistol to their foreheads. As a result, the institutional good governance of the banking sector has come down to zero, and now the whole country, including the banks, is paying the heavy price for this.

Yesterday, Sunday, the committee head Dr. Debapriya Bhattacharya handed over the report to Chief Advisor Professor Muhammad Yunus at his Tejgaon office. This information has emerged in it. The report also said that the construction of 24 Padma Bridges could have been possible with the actual amount of bad loans created in the banking sector. Because the country's banking sector suffered the most during the previous government's tenure.

The White Paper Committee report said that the political influence was clear in the loans given by the banks during the previous government's tenure. And this influence has deepened the crisis in the banking sector. The amount of bad or distressed loans during the period in question is equivalent to the cost of building 14 Dhaka Metro systems or 24 Padma Bridges. Continuous loan defaults and high-profile scandals have destroyed financial stability and diverted capital away from the productive sector.

It also said that recruiting agencies have transacted Tk 13.4 lakh crore through hundi for visas in the last 10 years to send workers abroad. This money is four times the cost of building Dhaka MRT Line-6 ​​(Uttara to Motijheel). Due to syndicates and this exploitative recruitment, migrant workers have been deprived of fair employment and the amount of remittances in the country has decreased.

Meanwhile, at the report handover ceremony, Central Bank Governor Dr. Ahsan H. Mansur said, "We are conducting a health check of the country's financial sector. In the future, defaulted loans will reach 25 to 30 percent, which is now 12.5 percent. Next month, it will be 15 percent, then 17 percent and gradually reach 30 percent. This default has already happened. Now it will come to the account. We have started working to reduce it."