The proposed national budget for the fiscal year 2025-26 has drawn sharp criticisms from economists, civil-society leaders, and marginalised community representatives for being "conventional, exclusionary, and disconnected from the country's pressing socioeconomic needs."
Speaking at a dialogue titled "National Budget 2025-26: What is There for the Left-behinds?" and organised by the Citizen's Platform for SDGs, Bangladesh, at the Lakeshore Hotel in the capital on Wednesday, speakers questioned the intent and inclusiveness of the Tk 7.90 trillion budget unveiled by the interim government.
They also said the government has failed to address priorities related to social protection, the overall wellbeing of citizens, and the allocation for those who are left behind.
In his opening address, Centre for Policy Dialogue (CPD) Distinguished Fellow Dr Debapriya Bhattacharya called the proposed Tk 7.90 trillion budget "a budget of disappointment," pointing to a growing disconnect between public expectations and the government's fiscal policy direction.
"This government came into being through a politically turbulent transition and was expected to uphold the anti-discrimination spirit it claimed to champion. But the proposed budget is anything but transformative. It is a routine and visionless document," he said.
He noted with concern that the budget was placed in public before receiving the formal cabinet approval, an unusual break from administrative norms.
More critically, he observed that the budget disregarded the concerns raised during last year's public mobilisation.
Terming the fiscal outline "anti-reform" and anti-equality," Dr Debapriya concluded, "Citizens must demand more inclusive and accountable governance from future administrations. Without sustained civic pressure, this cycle of exclusion will continue."
Delivering the keynote paper, CPD Senior Research Fellow Towfiqul Islam Khan contended that the proposed budget was disconnected from macroeconomic realities and lacked alignment with a long-term reform agenda.
He criticised the continuation of the provisions for whitening black money and overreliance on indirect taxes, which, he said, disproportionately affect lower-income households.
"The fiscal framework lacks realism and transparency. Structural reform in revenue mobilisation remains absent," Mr Khan said.
He also pointed out discrepancies between stated targets and economic fundamentals.
"The projected 5.0 per cent gross domestic product (GDP) growth rate requires 6.7 per cent growth in the second half of the fiscal year - an implausible scenario. Even the Bangladesh Bureau of Statistics' provisional figures indicate a more modest but still difficult 4 per cent goal," he added.
Mr Khan further questioned the logic of projecting a 21.6 per cent rise in private sector investment when credit growth is targeted at only 11 per cent, calling into question the internal consistency of the budget.
CPD Distinguished Fellow Dr Mustafizur Rahman raised concern about the diminishing scale of social protection.
"The old-age allowance has been raised by just Tk 50 from Tk 600, while the actual cost of living is closer to Tk 900 due to inflation. This is not an expansion, but a real-term contraction," he said.
He called the budget a "lost opportunity" and lamented its traditional nature.
"When the framework is outdated, any innovation becomes ineffective. The result is institutional weakness and deepening inequality," he warned.
Economist Zia Hassan highlighted the strain on large corporations due to inflation, a challenge completely ignored in the budget.
Institute of Cost and Management Accountants of Bangladesh (ICMAB) President Mahtab Uddin Ahmed criticised the government's inaction over the capital market's volatility, stating, "The capital market remains unstable, and the budget offers no remedy."
Sanjibani Sudha, speaking for the transgender community, shared her personal ordeal of losing a bank job solely because of her gender identity.
"We have seen token allocations, but no implementation. We remain excluded, jobless, and marginalised," she said. "The budget ignores our existence."
Mr Khan of CPD noted that political oversight had been noticeably absent from the budget-making process.
"Consultations were symbolic, not substantive. The Annual Development Programme remains unchanged in priorities and project quality," he remarked.
The Transparency International Bangladesh (TIB) also condemned the continuation of the black money whitening provision, calling it a threat to fiscal accountability and good governance.
Dr Debapriya reiterated the need for ongoing public scrutiny.
"The next election may be near, but that should not delay civic demands for an inclusive and just budget process," he stressed.
South Asian Network on Economic Modeling (SANEM) Executive Director Prof Selim Raihan also termed the budget a "missed opportunity," highlighting the mismatch between aspirations and outcomes.
"The goals are unrealistic. There are both domestic and global uncertainties, yet the budget reflects neither," he said.
He also criticised inadequate allocations for education and health.
"There was an opportunity to restructure - particularly in the social security sector - but no bold steps were taken," he added.
Dr Mahdi Amin, adviser to BNP Vice Chairman Tarique Rahman, said the budget is merely a continuation of past ones presented over the last 16 years.
"We expected change, but found none," he said.
Bangladesh Jamaat-e-Islami leader Saiful Alam Khan Milon proposed integrating Zakat into the national budget and economy, arguing that politicians have failed to agree on reforms needed for inclusive development.
Economist Anu Muhammad stated that while an interim government is not expected to deliver a comprehensive budget, this one especially falls short, given the political circumstances.
"People's welfare sectors were not prioritised, and that is a serious concern," he noted.
Samantha Sharmin, senior joint convenor of the National Citizen Party (NCP), said the budget lacked "revolutionary initiatives" necessary for a much-needed economic transformation.
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