Dhaka: An average of US$16 billion was illicitly siphoned off from Bangladesh each year during Sheikh Hasina's rule, as detailed in a White Paper highlighting the economic state during her tenure. The document, released on Sunday, describes how the regime's corrupt practices left the nation in disarray, culminating in Hasina's departure following a widespread mass uprising. According to Bangladesh Sangbad Sangstha, the report was submitted to Chief Adviser Professor Muhammad Yunus at his Tejgaon office. The committee, led by Dr. Debapriya Bhattacharya, expressed shock at the extent of corruption and plunder perpetrated under Hasina's leadership. Dr. Bhattacharya, an esteemed economist and fellow of the Centre for Policy Dialogue, spearheaded the committee's efforts. Chief Adviser Prof Yunus expressed gratitude to the committee, deeming the report a significant achievement. He suggested it should be included in educational curricula to benefit future generations. He remarked on the audacity of the economic p lundering and the general populace's inability to confront it. Prof. Yunus also criticized multilateral agencies for their silence during this period of exploitation. Dr. Bhattacharya emphasized that the committee operated without governmental influence, uncovering issues more severe than anticipated. The comprehensive 30-chapter, 400-page White Paper outlines how crony capitalism fostered the rise of oligarchs who dominated policy-making. Committee member Mustafizur Rahman reported that they scrutinized seven major projects, each with over Tk 10,000 crore in expenditures, from a total of 29 large-scale projects costing Tk 7,80,000 crore (US$87 billion). The review revealed inflated costs and manipulated purchases, with project expenses increased by 70 percent without proper analysis, prompting calls for prosecution of those involved in the corruption. Prof. AK Enamul Haque disclosed that bureaucrats embezzled 40 percent of the Tk 700,000 crore spent on the Annual Development Programme over the past 15 yea rs. Committee member Mohammad Abu Eusuf stated that tax exemptions during the previous regime amounted to six percent of the nation's GDP, suggesting that halving this could significantly bolster education and health budgets. Another committee member, M. Tamim, highlighted a US$30 billion investment in power generation, estimating that kickbacks could have reached at least $3 billion. The report, titled 'Dissection of a Development Narrative,' will soon be available to the public. Finance Adviser Salehuddin Ahmed, Bangladesh Bank Governor Ahsan H Mansur, Principal Secretary Sirajuddin Sathi, and Senior Secretary Lamiya Morshed were in attendance at the report's presentation.
