Eminent economist AB Mirza Azizul Islam has cautioned that resorting to printing money to address Bangladesh’s economic crisis will exacerbate inflation and price hikes. Speaking at a shadow parliament program on the proposed budget for FY2023-24, Azizul expressed concern over the lack of measures in the budget to control inflation, potentially leading to increased income inequality and social unrest. He emphasized that the depreciation of the taka against the dollar, fueled by declining reserves, contributes to inflation and called for accurate reserve calculations aligned with international standards. Azizul stressed the need for a clear tax collection plan to improve the country’s low tax collection rates, and he highlighted the importance of establishing good governance to address issues related to electricity, gas, and the banking sector. Furthermore, he expressed skepticism about the effectiveness of the budget approval process, citing limited discussion and public participation.
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