Monday, 17 June, 2024, Reg No- 06
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Financial sector in red zone: Oli Ahmed

Published : Sunday, 19 May, 2024 at 12:00 AM  Count : 86

Liberal Democratic Party (LDP) President Oli Ahmed on Saturday voiced concern over the countrys "deteriorating" economic condition, saying that Bangladeshs financial sector has now entered the red zone.

Speaking at a press conference at his partys Moghbazar office, he also warned that if the prevailing economic situation persists, it could deeply harm the countrys progress and development and undermine the social and economic stability of the nation.

"The Bangladesh bank reserves are now alarmingly declining amid a visible liquidity crisis of local currency.

 There is stagnation in business with inflation surpassing 10%. The local currency has depreciated by 38-51% over the last two years, and cash flow within banks has also decreased… Bangladeshs financial sector has entered the red zone, indicating a significant economic risk," Oli observed.

The veteran politician said feared that the countrys economy may seriously collapse at anytime as it is now going through a unstable situation. "We think if this situation continues for long, the country will suffer further, leading to inevitable chaos. It might even go beyond control."

He also attributed the current state of the country to the governments failure in running the country. "The present government has been ruling the country in the Baksal style for the past 15 years. I will tell them, for the sake of Allah, stop it and give the people a chance to form the government through their votes." The LDP leader called upon Prime Minister Sheikh Hasina to come out of her misconception that the country will not function without her.

Oli, a former minister, depicted a sorry state of the country by highlighting the issues of the growing unemployment rate, foreign debt, defaulted loans, corruption, irregularities in commodity prices, the spread of drugs, mismanagement of roads, the poor condition of the education system, and oppression of opposition leaders and activists, including implicating them in different cases and jailing them in false cases.

He alleged that the government is enacting new laws on its whim to stay in power illegally by repressing and suppressing its opponents and the common people. "Justice must be ensured in the country. Otherwise, peace will never return to the country, and the uncomfortable situation will never end."

In such a situation, he called upon people from all walks of life, including farmers, workers, youth, and students, to get united with fresh vigor for the establishment of democracy and justice in the country. Oli said their party, together with BNP, will soon announce fresh programs to unseat the current government from power. "All unite and prepare to oust this Baksal regime through united efforts."

He slammed the Indian government as he thinks it is directly and indirectly responsible for destroying democracy in Bangladesh and establishing dictatorship in the country.

"We have no negative attitude towards the people of India. It is our hope that the Indian government will focus on establishing friendship between the people of Bangladesh and the people of India, refraining from associating with any particular person or party," Oli said.    —UNB

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