Bangladesh Jamaat-e- Islami, in its post-budget reactions, has said the proposed budget for the fiscal year (FY) 2026-2027 will create scopes for "looting and corruption".
Jamaat Secretary General Professor Mia Golam Porwar said these at a press conference at the party's central office in the capital's Mogbazar area on Friday. He also demanded revision of the budget.
"The proposed budget will seriously affect investment, employment and the living standards of ordinary people. The Tk 9.38-trillion (Tk 9.38 lakh crore) budget lacks a people-friendly, well-planned and implementable economic roadmap," the Jamaat leader opined.
Terming the proposed budget as one of the largest-deficit budgets in the country's history, he said, "The proposed budget does not offer any clear direction on improving living standards, achieving self-reliance, or building a corruption-free state".
"Against the Tk 9.38-trillion expenditure plan, the government has set a revenue target of Tk 6.29 trillion, which is unrealistic without an efficient tax structure and corruption-free tax administration."
He questioned how the deficit of around Tk 2.36 trillion will be financed, and also warned that heavy reliance on bank borrowing may reduce private investment and employment.
The Jamaat leader also said factors like rising power and energy costs, uncontrolled inflation, and global geopolitical instability will make implementing the proposed budget and achieving the government's revenue target extremely difficult.
The Jamaat leader termed the 6.5 per cent GDP growth target and 7.5 per cent inflation target "attractive but unrealistic". "The 6.5 per cent growth target is an empty slogan and an ambitious plan lacking substance."
In this connection, he mentioned the reasons like weak investment, banking sector irregularities, and corruption.
He warned that repeated hikes in gas, fuel oil and electricity prices will increase pressure on industries, businesses and ordinary people, push inflation higher, and further weaken people's purchasing power.
Mr Porwar also criticised the Tk 3.0 trillion ADP allocation, as it could create new opportunities for corruption and wastage. Irregularities and misuse of funds have long affected ADP implementation, particularly when project funds are released near the end of the fiscal year.
"Such practices weaken transparency in development spending and obstruct real infrastructure progress."
The party also proposed raising the tax-free income threshold to Tk 0.45 million (Tk 4.5 lakh), against the government's Tk 0.375 million, and increasing it to Tk 0.5 million the following year.
The Jamaat leader said his party's shadow budget focused on lower foreign borrowing, a welfare-oriented structure, and changing the fiscal year from July-June to January-December.
"Our shadow budget has proposed lower expenditure of Tk 8.39 trillion (Tk 8.39 lakh crore), against the government's Tk 9.38 trillion, and a smaller deficit of Tk 1.68 trillion, compared with Tk 2.36 trillion in the proposed budget."
He said in the shadow budget revenue target stood at Tk 6.65 trillion against the government's Tk 7.01 trillion, while the deficit-to-GDP ratio would be 2.43 per cent compared with 3.5 per cent.
Mr Porwar strongly criticised the "chaos" in the banking sector as well as the scope for whitening black money, and said the ongoing instability and irregularities in banks would be a major challenge to implementing the proposed budget.
He alleged that the Bank Resolution Act is being used to create scopes for financial sector looting, money laundering, and misappropriation of public funds.
About S Alam Group, the Jamaat leader said around 80 per cent of shares of Islami Bank PLC have been "forcibly taken over", and demanded that those shares be returned at the fixed price.
"If the proposed budget is implemented within such a chaotic banking structure, the entire economy will face serious risks, unemployment will rise, and employment generation will be disrupted," he warned.
At the press briefing, Jamaat leader Professor H M Hamidur Rahman Azad said although Dhaka Chamber of Commerce and Industry (DCCI) and some business bodies described the budget as business- and investment-friendly, there are major risks when the real economic structure is analysed.
"The real pressure of debt dependence and deficit could reach around Tk 4.8 trillion, weakening the base of the economy and narrowing the investment environment."
He said allowing undisclosed money to be legalised in the real estate sector by paying 30 per cent tax could institutionalise corruption. If this becomes a permanent process, the tendency to legalise illegal money will increase, deepening inequality and corruption in the economy.
"Many ministries fail to fully use their allocated funds, with a large portion returned, reflecting administrative weakness and poor implementation capacity."
He criticised the government for low allocation in the proposed budget for education. "The education sector is crucial for human resource development and skilled manpower, but it has not received proper priority."
Jamaat wants to take part in policymaking through dialogue, not through conflict, he added.
talhabinhabib@yahoo.com