'More of the same': Budget fails to impress political parties

Political parties have been left largely underwhelmed by the national budget tabled by the interim government for the 2025–26 fiscal year, viewing it as a continuation of past policies with little to no innovation.

While the budget had been billed as a step towards economic stability, critics from across the political spectrum say it brings little meaningful change and fails to address the pressing challenges facing the country.

On Monday, Finance Advisor Salehuddin Ahmed unveiled a Tk 7.90 trillion budget, with a projected deficit of Tk 2.26 trillion, or 3.6 percent of GDP.

The government aims to offset the shortfall by sourcing Tk 1.25 trillion domestically and Tk 1.11 trillion from foreign sources.

In a reaction, the BNP said the proposed spending plan does not offer any “qualitative changes" from previous ones.

Speaking on Monday, former commerce minister and BNP Standing Committee member Amir Khosru Mahmud Chowdhury said: "We haven't shifted from the previous budgets to any significant extent... There are minor differences in the numbers... but in terms of the essence of the budget, we remain in the same place as before.

"It will not be an easy task for a future government."

Asked whether the proposed budget was feasible, Amir Khosru said: “Now our foreign debt is about $3.5 billion, so you have to keep that in mind. You have to keep revenue in mind.

“Considering those aspects, if I have to comment, I would say that the size of this budget should have been smaller.”

Meanwhile, the Communist Party of Bangladesh (CPB) labelled this year's budget as "conventional" and "lacklustre".

In a joint statement, CPB President Mohammad Shah Alam and General Secretary Ruhin Hossain Prince said: “This is the interim government’s first budget. As such, it is a budget made by an unelected government. There is no scope for any structural, fundamental changes in it.

“There was an opportunity to leave a mark, but the budget failed to deliver any surprises. It is not only conventional but also contractionary and recessionary.”

The CPB also said the budget has prioritised controlling inflation and reducing expenditure by “tightening the belt” as per the instructions of the International Monetary Fund (IMF).

“Looking at the overall budget, development expenditure, and debt flow, it can be concluded the budget did not prioritise productive expenditures. The growth target set at 6 percent is unlikely to be achieved. The World Bank’s projection suggests that the growth rate may fall to around 3 percent.

The CPB also raised concerns about rising unemployment and poverty.

“The budget offers little for the lower middle class, middle class and farmers. It cannot be considered a democratic budget either.

“The promise of leaving a mark made by the finance advisor was ultimately not reflected in the budget. Although inflation has somewhat stabilised and the value of the currency has been brought under control, the measures outlined in this budget raise concerns about fuelling recession, rising unemployment, and increased foreign dependence.”

Jamaat-e-Islami was similarly unimpressed by the "lack of innovation" in the proposed budget.

Jamaat’s Acting Secretary General ATM Masum said in a statement: “The first budget after the July Uprising did not reflect the aspiration to rebuild a new Bangladesh. There isn't much of a difference between this and the budget for the previous fiscal year. Expenditures have neither increased nor decreased.”

Jamaat urged the government to cut income taxes and raise allocations for public welfare.

“After reviewing the announced budget, we will present our statement on this to the nation later.”

While praising the allocations aimed at covering the medical expenses, social security and financial benefits for those injured in the July Uprising, the party believes there was room to do more.

On inflation, Jamaat said: “Although the budget aims to reduce inflation to 6.5 percent, it doesn't provide a clear roadmap to achieve this goal, which has created some ambiguity.”

On the return of money laundered abroad, Jamaat added: “A clear plan to bring back money siphoned abroad and other illicit funds was not outlined in the budget, which is disappointing.

“It also provides an avenue to legalise black money, which is in no way acceptable. This needs to be stopped.”