In 15 years, defaulted loans have increased from Tk 22 thousand crore to Tk 1.5 lakh crore. This information was given by the private research organization Center for Policy Dialogue (CPD) at an exchange meeting in Paltan of the capital on Tuesday. Mostafizur Rahman, an honorable fellow of the organization, said that for the sake of the economy, no discount can be given to willful defaulters, tax evaders and money launderers.
Over the past 40 years, Bangladesh has transformed from a debt-dependent economy to a trade-dependent country based on the garment industry. Accompanied by continuous GDP growth, infrastructure development has been on the highway. It is said that if 100 economic zones are developed, the economy will change.
However, with the potential, the crisis has also increased. Slowing revenue, defaulted loans and money laundering are dragging the country.
Economist Mostafizur Rahman spoke about these in the Economic Reporters Forum. He said, ‘Debt defaulters have not benefited from various opportunities. The apprehension has been created about the recovery of 10 percent of the total debt.’
At that time, Mostafizur Rahman said about the fear of US sanctions, ‘They can take such tactics for political interests. But logical reforms in the labor sector are necessary for their own sake.
He suggested reforms in the financial sector, making interest rates and foreign exchange rates market-based. Said, “It will increase export capacity and remittance.”