In the last 15 and a half years, the deposed dictator Sheikh Hasina government has blown the lantern of development with false economic data and statistics. The country has become another Singapore; an emerging tiger of South Asia; role model of development in the world etc! Under the cover of these, millions of monies have been smuggled out of the country through looting and corruption. The entire economy has been pushed to the brink. Now the real facts are coming out and it has exposed the skeleton of the economy that silenced the development lanterns of the autocracy. 

Sheikh Hasina herself and her family members have stolen Tk 60 thousand crores Taka ($5 billion) from a Rooppur nuclear power plant, according to newspaper reports. More such corruption information may gradually come to light. Already, the unimaginable information about the corruption of the ministers and MPs of the autocratic government and the increase in huge wealth has started to be published in the newspapers and magazines. Where dictator Sheikh Hasina has brought the country's economy is beyond imagination. It is known from the lead news published in Daily Prothom Alo yesterday that the Awami League government that lost power has taken countless loans for more than 15 years. Analyzing the domestic and foreign debt data obtained from the finance department of the finance ministry, it has been found that at the time of resignation, Sheikh Hasina's government left the country with a debt of $156 billion. In 2008, Sheikh Hasina came back to power and Bangladesh's debt was only $33.66 billion. Her departure on August 5, amidst an unparalleled student-led rebellion, left the nation saddled with $156 billion in domestic and international debt. As of June 30, when converted to local currency, the nation's overall debt was above Tk 18.35 lakh crore, according to figures from the finance ministry. Among these were $88 billion, or more than Tk 10.35 lakh crore, derived from domestic sources, with external debt accounting for the remainder $68.33 billion, or about Tk 8 lakh crore. The Sheikh Hasina government was exploiting the Bangladesh economy by corruption and she was unable to understand the fact that the country's economy is in peril.

Economy the major challenge

The onus is on the interim government to pay off the debts left by Sheikh Hasina and lift the economy from the bottom up. Recovery of the economy has now become a major challenge for this government. No matter how good the government is, if it fails to restore and accelerate the economy, it will quickly lose people's confidence. Observers believe that the government could be in trouble soon due to the economy and the machinations of Sheikh Hasina and her cronies. Already, various groups seeking opportunities have taken to the streets with various demands. Observers believe that this is part of a plot to destabilize the interim government. The interim government is not yet two weeks old. It is impossible to fix everything or change overnight in this short time. All those who are working as advisors in important government ministries are skilled and experienced. Repairing the fragile economy will take time and they must give it time. People of all professions including political parties should cooperate. Common people should cooperate with the government by regularly paying taxes and utility bills, including outstanding gas, electricity, water bills. Expatriates should send more remittances to the country legally. 

Foreign remittances have grown exponentially since the fall of Sheikh Hasina on August 5. Already, more than taka 13,374 crores of remittances have come through legal channels, which is more than before August 5. The influential countries and international organizations of the world, including the United Nations, have given support to the government of Muhammad Yunus and assured their overall cooperation. Since globally Muhammad Yunus has wide acceptance and respect, it is necessary to take advantage of his image to get more economic cooperation as soon as possible. The international community must urge the repatriation of the Rohingyas, who are putting pressure on the country's economy. 

Review of big projects

Planning Advisor Wahiduddin Mahmud said in a discussion meeting with Planning Commission officials last Monday that the projects undertaken by the previous government for political purposes will be re-evaluated and trimmed. Annual development programs will be cut by cutting spending. The huge amount of money that donor agencies have in the pipeline will be used to prevent wastage. He said that increasing employment will be given more importance than increasing GDP. 

Many of the oligarchic business class syndicates that formed around the deposed Sheikh Hasina are now on the run. But their vast industrial establishments remain. It is essential to sustain these industries. Millions of people are working in these establishments that are playing a critical role in the production sector of the country. These industries cannot be shut down because of the crimes of their leaders. Just as the criminal prosecution of the leaders will be done according to law, the institutions must be allowed to function as proper institutions. 

The interim government has to start a comprehensive economic campaign to overcome the deplorable state that the Hasina government has left the country's economy through looting, money laundering and internal corruption. Just as corruption has to be eradicated, those at the bottom of the economy need to be lifted. For this, employment opportunities must be created in the public and private sectors. Unnecessary or less important projects should be shelved. Strict measures should be taken to prevent wastage. Due to the economic crisis, the industries including garments, which have been closed, should be opened. The prices of daily necessities should be brought within the reach of common people by controlling inflation. To strengthen the country's economy and improve the quality of life of the common people, all sectors of the economy should be stimulated and stimulated.

(The author is an independent columnist based in Dhaka, Bangladesh. Views are personal. He can be contacted at ibrahimkhalilahasan@gmail.com)