The Finance Minister's budget speech used to be a highly anticipated event in Bangladesh, akin to the festive atmosphere of Shab-e-Barat, where common people hoped for a change in their fortunes. Budget, which matters mostly to the formal sector of the country, is highly hyped in Bangladesh. However, the recent budget speeches have lost their allure. Despite promises made by the Finance Minister on the parliament floor, the reality is grim—commodity prices continue to rise unabated, unaffected by ceremonious tariff cuts.

Lumpen capitalism is rampant, yet the government has made minimal efforts to rein it in.

A Tale of Two Bangladeshes

Dhaka's cafes buzz with activity as patrons enjoy imported luxuries like iced mochas and cappuccinos, oblivious to the stark economic disparities lurking beneath the surface. While some traverse the city's congested streets with ease, others eke out a meager existence under the shadows of glitzy expressways.

This economic system perpetuates poverty and inequality, with the new budget failing to offer any remedy. Instead, it caters to the interests of the wealthy elite, leaving the middle class struggling to make ends meet with multiple jobs.

While the government talks of creating employment opportunities, underemployment remains a pressing issue that threatens long-term economic stability.

Furthermore, the budget facilitates the whitewashing of black money, providing a commission to the government in the process. This leniency towards ill-gotten gains only serves to perpetuate corruption and widen the wealth gap.

Money, Money, Money

The government's coffers are running dry, with dwindling foreign reserves and escalating inflation. Despite increasing interest rates, inflationary pressures persist, exacerbated by the government's concessions to select groups within society.

A proactive approach to combating corruption and repatriating siphoned funds could alleviate some of these financial woes. However, the government's reluctance to confront the perpetrators of corruption perpetuates a culture of kleptocracy.

In desperation, the government seeks loans from China and the International Monetary Fund (IMF) to shore up its finances. While these loans offer temporary relief, they come with strings attached, some of which may prove unpopular and painful for the populace.

In this precarious economic climate, the suffering of the people is bound to intensify. The Finance Minister's budget speech offers little solace or guidance, failing to instill hope or prepare citizens for the looming economic challenges.

AM Hussain is a Bangladeshi-born writer and journalist.