No reforms possible if the oligarch class is not broken: Debapriya

If the oligarch class that has emerged in Bangladesh over the past decade is not dismantled, reforms will not be possible in the near future, says Debapriya Bhattacharya, head of the White Paper Committee on Bangladesh’s Economy.

“The state must be restored by breaking up this oligarchic group, and this can promote reforms in various sectors,” the eminent economist said while addressing a policy dialogue on “Financial and Economic Reforms in Bangladesh 2024” at BRAC University in Dhaka . yesterday (November 16).

“If the state is not reformed, even small changes will not last, and there will be no barriers against the return of the old system.”

He stressed the need to ensure economic stability before implementing reforms in various sectors.

Debapriya, also a distinguished fellow at the Center for Policy Dialogue (CPD), described the severe exploitation of the financial sector over the past fifteen years by a coalition of politicians, business leaders and bureaucrats.

He noted that this alliance has fostered an oligarchic class by collectively opposing reforms and enabling corruption.

The eminent economist described oligarchs as a group who, instead of serving the general interests of the private sector, have influenced policymaking for their own narrow interests by taking control of the state.

“These oligarchs did not limit themselves to one sector. Instead, they have meddled in everything from banking and the energy sector to the capital markets, and possibly offshore banking and illegal money laundering,” he said.

He also discussed how the central bank was used to plunder the financial sector.

Without naming former central bank governor Abdur Rouf Talukder, he said: “Those who were supposed to oversee it have failed miserably.”