Professor Abu Ahmed, Chairman of the Investment Corporation of Bangladesh (ICB), on Saturday  termed the ongoing protests against the proposed division of the National Board of Revenue (NBR) into separate entities for tax policy and tax management ‘unwarranted’.

“While legitimate demands can be placed before the government, protests driven by corrupt motives are regrettable,” Prof Ahmed said.

He made the remarks while speaking at a shadow parliament event organised by Debate for Democracy at the Bangladesh Film Development Corporation (FDC), titled ‘Increased Confidence of Development Partners Due to IMF Loan Disbursement’.

Reforming revenue management is a positive step for the economy, noting that many countries worldwide maintain similar revenue structures, he added.

Referring to the country’s debt situation, he noted that the previous government left behind a debt burden of US $103 billion. “Currently, Bangladesh is repaying an average of $2 to $2.5 billion annually, and the repayment rate is expected to rise,” he added.

He expressed optimism that market-based dollar pricing, in line with IMF conditions, would help stabilise the local currency. However, he cautioned against the activities of mafia groups involved in dollar hoarding.

“The era of a mafia economy in the country has hopefully ended,” Professor Ahmed remarked, lamenting the looting of several banks, including Islami Bank. He said foreign currency was siphoned off by “thieves and robbers,” causing immense pressure on Bangladesh Bank and the nation as a whole. He admitted that recovering the laundered money would be a difficult task.

Hasan Ahmed Chowdhury Kiran, Chairman of Debate for Democracy, said the IMF loan serves as a symbolic certificate that boosts the confidence of other development partners, thereby encouraging further budget support and loan disbursements.

However, he stressed that simply following IMF prescriptions is not sufficient. “Transparency, accountability, good governance, democracy, and voting rights in the financial sector are essential to sustain the interest of development partners,” he said.

Kiran also advised caution in accepting IMF recommendations that may harm the country’s public interest, particularly with regard to the withdrawal of subsidies on essential services.

In the shadow parliament session, debaters from Government Shaheed Suhrawardy College defeated the team from Presidency University. The judging panel comprised Professor Abu Muhammad Rais, Dr SM Morshed, and journalists Iqbal Ahsan, Sushanta Sinha, and Arifuzzaman Mamun.

At the end of the programme, trophies, crests, and certificates were awarded to the participating teams.