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Initial findings of the White Paper committee on State of Bangladesh Economy have indicated large-scale irregularities, especially in areas of data, cost and information, in four major sectors, including energy and physical infrastructure.
The committee also unearthed a nexus among politicians, bureaucrats, businessmen and civil society members in the corruption process establishing a culture of financial irregularities and autocratic politics.
It has become obvious that the people would continue to bear the brunt of such economic corruption, committee members viewed.
The committee members led by Debapriya Bhattacharya shared their preliminary findings with members of the Economic Reporters Forum (ERF) at a meeting at Planning Commission on Thursday.
Among others, Dean of the Faculty of Business and Economics of East West University Professor AK Enamul Haque, professor of Bangladesh University of Engineering and Technology (BUET) Dr M Tamim, distinguished fellow of CPD Professor Mustafizur Rahman, professor of the Department of Economics, University of Dhaka, Dr Selim Raihan, professor of the Department of Economics of Jahangirnagar University Dr Sharmind Neelormi and renowned economist Dr Zahid Hussain spoke on the occasion.
Dr Debapriya said preliminary work carried out during the last two months has given a signal of economic irregularities due to misconduct of politicians, bureaucrats, businessmen and civil society members in some cases which caused for malfunctioning of responsibilities of institutions and policy deviation.
"We are trying to understand as to whether economic irregularities have instigated autocratic politics or autocracy in politics provoked corruption in the economy," head of the committee Dr Debapriya asked.
He further said a big question has come whether a self-centric political environment without accountability has formed the economic situation, or beneficiaries from this economic irregularities have created autocratic politics.
He said economic irregularities have led to making institutions non-functional and irresponsible and deviation from all related policies or any reforms to sustain in the corrupt system and authoritarian trend in the economic activities, projects and policy reform.
Professor Tamim said it is hard to evaluate the overflow and over estimation of mega and big projects through qualifying level of corruption and thefts but added all these approvals have come from the highest authority - Prime Minister.
Dr Mustafizur Rahman expressed difficulty in assessing elicit financial flow from the DPP, RDPP and feasibility study due to lack of accountability but said the White Paper is trying to evaluate the situation from the point of investment, frequency, phasing and pacing of the projects.
He also said illicit finance was found to remain in the country in the first stage but later stage those were laundered with the trend of lower inflow from formal channel.
Professor Enam said though audit objections were found irregularities by the Account General Office in different years, none of those was taken into consideration.
Anti-Corruption Commission also had not taken any of these issues for investigation, even those investigations started were not continued later, he added.
Regarding data irregularities, Dr Debapriya also said there was no reflection in the economic growth in the GDP:tax ratio, government expenditure, private investment and rather budget deficit with burden of foreign and local borrowing continued.
Foreign exchange structural problem, exaggeration export-import statistic, taka continuously devaluation, high interest loan, food security, food scarcity, unequal energy sector agreement, lower educational standard, political influenced social security.
The 12-member White Paper Committee formed on August 28 has already prepared the preliminary draft report holding 40 meetings with different quarters and public opinions.
The members assured the ERF members of finalising the paper by November recommending sectors reform to be needed, opinion of LDC graduation, scope of acceleration of SDGs, tariff, budgetary initiatives etc.