Economic white paper: $16b siphoned off annually during Awami rule

Bangladesh lost an average of $16 billion annually to financial siphoning during the Awami League’s tenure from 2009 to 2023, according to the Economic White Paper Committee.

Submitted on Sunday by Dr Debapriya Bhattacharya, a renowned economist and the committee’s chair, the report highlights extensive misappropriation of funds and systemic corruption.

The 24-chapter report, officially titled “Bangladesh’s Current Economic Status White Paper”, was handed over to the chief adviser’s office and is set to be formally published on Monday.

According to sources, the report meticulously documents how vast sums were funneled out of the economy, detailing the mechanisms and networks that facilitated such misdeeds.

The committee, comprising 12 members and led by Dr Bhattacharya, was formed on August 28 after the fall of Sheikh Hasina's government to evaluate the country's economic landscape.

The interim government tasked the committee with completing its findings within 90 days.

The report examines six critical areas outlined by the chief adviser’s office: public financial management, inflation and food management, external balance, energy and power, private investment, and employment.

It also examines key areas like education, healthcare, banking, taxation, mega projects, poverty, and inequality, highlighting how governance lapses have deepened economic challenges.

However, the most significant revelations concern the systematic siphoning of funds, underscoring the urgent need for accountability and reforms in public financial governance.