Economic crisis real, but FY27 budget offers people hope: PM
He heavily criticised the previous Awami League regime, stating that the economy had been shredded to pieces during its autocratic rule
Prime Minister and Leader of the House Tarique Rahman today (29 June) acknowledged the ongoing economic crisis gripping the nation but said the proposed FY27 national budget has successfully held up a beacon of hope for the public.
Speaking during the general discussion on the budget for the 2026-27 fiscal year, the prime minister termed the financial plan a "life-friendly budget" that aims to provide a sense of relief to people from all walks of life.
The budget session of the 13th Parliament resumed at 10:31am with Speaker Hafiz Uddin Ahmad in the chair.
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Refusing to shy away from the financial challenges facing the country, Tarique said there is no room to deny the existence of an economic crisis in the country.
He heavily criticised the previous Awami League regime, stating that the economy had been shredded to pieces during its autocratic rule.
We have discussed the past extensively. But we must move forward and concentrate on building the future
He, however, said that his administration is not willing to use the ongoing crisis as an excuse.
Instead, the prime minister declared a firm commitment to rebuilding the economy, stating that the government intends to place the economy of Bangladesh on a new foundation.
The prime minister stated that the government's most crucial objective in this budget is to keep the wheels of investment, production, and employment moving and driven forward.
To keep the momentum of the economy going, investment is required, he emphasised.
Regarding the size of the budget, Prime Minister Tarique Rahman noted that it had to be large to meet realistic requirements.
However, the scope of people's dreams and rights is far greater than this figure, which is true for all countries across the world.
"This budget is not merely a calculation of annual income and expenditure; rather, we want to place the economy of Bangladesh on a completely new foundation," the leader of the House said.
He further said that in the past, a number of vanity projects were undertaken for which domestic and foreign loans had been unnecessarily taken, which has now turned into a burden on the nation.
The prime minister emphasised that an important goal of the budget is to pull the economy out of the clutches of a handful of beneficiaries and make it participatory for all citizens, thereby building a just, humane, dignified, and inclusive economic system.
One of the core objectives of this year's budget is to gradually restore discipline to the economy, he said, adding that the government wants to emphasise three crucial areas in the budget: ensuring social security for the poor, low-income, and vulnerable populations to alleviate the burden of living costs as much as possible.
He credited the people of Bangladesh for helping create an environment where constructive political dialogue could take place.
We inherited a broken economy. Corruption, looting, mismanagement and wrong policies had severely damaged the country's economic foundations
"If credit has to be given, it should go to the country's 20 crore people. It is because of their support and cooperation that we have been able to sit together, exchange views and create a path for moving the country forward," Tarique said.
The Prime Minister said that while much discussion had taken place on the country's past, the focus now should be on the future.
"We have discussed the past extensively. But we must move forward and concentrate on building the future," he said.
However, Tarique said large-scale capital flight, declining investment and soaring inflation had left ordinary people struggling in the years before his government took office.
"We inherited a broken economy. Corruption, looting, mismanagement and wrong policies had severely damaged the country's economic foundations.
"Thousands of crores of taka were siphoned out of the country. Production and investment had nearly stagnated. Inflation had reached a level that people could feel in their daily lives," he added.
Earlier during the session, Leader of the Opposition Shafikur Rahman delivered a speech on the budget debate before the prime minister addressed the House as its leader.
Agreeing with observations made by the opposition leader, Tarique said the government intended to address the country's problems through political commitment, effective policies and public support.
"We want to successfully overcome these challenges with the people by our side, through political goodwill and effective policies," he said.
