Titas Tribune

White Paper Committee Submits Final Report to Chief Adviser  

Dhaka, December 1, 2024:

A staggering average of $16 billion has been illicitly siphoned out of Bangladesh annually during the past 15 years of Sheikh Hasina’s regime, according to the final report by the Economic White Paper Committee. The committee, formed three months ago, presented its findings today to Chief Adviser Professor Muhammad Yunus at his Tejgaon office.  

The report, handed over by the committee’s head, Dr. Debapriya Bhattacharya, exposes alarming levels of corruption, embezzlement, and financial mismanagement during the former government’s tenure.  

“A Historic Document for the Nation”

Prof. Yunus hailed the report as groundbreaking, urging for its immediate public release and incorporation into the curriculum of schools, colleges, and universities.  

“This report highlights the dire state of the economy we inherited following the July-August uprising,” Prof. Yunus said. “It is imperative for the nation to understand the scale of this plunder, so we can prevent such atrocities in the future.”  

He further criticized the previous administration, stating, “The blood and sweat of our impoverished people were mercilessly looted. This grand-scale exploitation unfolded in plain sight yet fear paralyzed resistance.”  

Key Findings from the White Paper 

- Over $87 billion (Tk 7.8 lakh crore) was spent on 29 mega projects during the former regime, with estimated corruption inflating project costs by at least 70%.  

- Preliminary budgets for seven scrutinized projects rose from Tk 1.14 lakh crore to Tk 1.95 lakh crore due to inflated land costs, unnecessary add-ons, and procurement manipulation.  

- The committee flagged anomalies in 30 chapters spanning 400 pages, illustrating how oligarchic crony capitalism dictated policymaking.  

Sectoral Corruption Highlights  

- Electricity Sector: Investments of $30 billion saw at least $3 billion in illegal transactions.  

- Tax Exemptions: Unchecked exemptions equivalent to 6% of GDP halved potential allocations for education and tripled the health budget.  

- Annual Development Program (ADP): Over Tk 7 lakh crore spent, with 40% siphoned by bureaucrats, revealed Prof. AK Enamul Haque.  

Recommendations  

The committee recommended initiating judicial proceedings against individuals implicated in financial crimes and advocated a comprehensive overhaul of economic governance.  

Members Speak Out  

Dr. Mustafizur Rahman emphasized the unexpected depth of systemic corruption uncovered, while Dr. Mohammad Abu Yusuf urged reforms in tax exemption policies to curb wastage.  

Next Steps  

Dr. Debapriya Bhattacharya confirmed the committee operated independently, with no government intervention, and announced plans to make the white paper public soon.  

The report’s handover was attended by prominent figures, including Economic Adviser Dr. Salehuddin Ahmed, Bangladesh Bank Governor Dr. Ahsan H. Mansur, and Principal Secretary Siraj Uddin Sathi.  

This comprehensive white paper is poised to spark nationwide debate and serve as a vital reference in Bangladesh's quest for accountability and transparency in governance.