No reform possible if the oligarchic class is not broken (Debapriya)

If the oligarchic class that emerged in Bangladesh over the past decade is not dismantled, no reforms will be possible in the near future, said Debapriya Bhattacharya, chairperson of the Bangladesh Economic White Paper Committee.

“The state needs to be repaired by dismantling this oligarchic group, and through this, reforms can move forward in various sectors,” the eminent economist said during a policy dialogue on “Financial and Economic Reforms in Bangladesh 2024” at BRAC University, Dhaka. yesterday (November 16).

“If the state is not reformed, even minor changes will not hold, and there will be no barrier against the return of the old system.”

He stressed the need to ensure economic stability before undertaking reforms in various sectors.

Debapriya, also a distinguished fellow at the Center for Policy Dialogue (CPD), described the severe exploitation of the financial sector over the past 15 years by a coalition of politicians, business leaders and bureaucrats.

He noted that this alliance favored an oligarchic class by collectively opposing reforms and promoting corruption.

The prominent economist described the oligarchs as a group that, instead of serving the general interests of the private sector, influenced policymaking to serve their own narrow interests by taking control of the state.

“These oligarchs have not limited themselves to a single sector. On the contrary, they have involved themselves in everything from banking and energy to the capital market, offshore banking and illegal money laundering” , he declared.

He also explained how the central bank was being used to plunder the financial sector.

Without mentioning the name of former central bank governor Abdur Rouf Talukder, he said: “Those who were supposed to supervise him have failed miserably.”