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Fiscal management & tax system in disastrous situation: Saifur

By Staff Correspondent
Former finance minister M Saifur Rahman yesterday said amateurish approach' of the present finance minister has put the country's fiscal management and tax system in a disastrous situation'.
"The next finance minister, whoever comes to power, will find it difficult to run the economy due to Kibria's unskilled management". Saifur. a central leader of opposition BNP said at a post-budget press conference here.
Due to poor understanding of fiscal matters, he set a highly ambitious target of 22.5 per cent revenue growth in the last fi-imncial year, but failed to achieve it, "Saifur said
'Revenue growth in the last financial year was actually zero if we take’ Inflation into consideration." he said.
“In the last four years, average revenue growth was 7.5 per cent while expenditure grew by 15 per cent On the other hand.
during BNP's rule, revenue growth was more than 15 per cent while expenditure grew by 9 per cent."
On government borrowing from the banking system. Sai-fur said Awami League government borrowed more than BNP government.
Quoting from Bangladesh Bank documents, he said BNP in its first four years fl 991-95 J in office borrowed Tk 4184 crore where as in three years and nine months (till March 2000) AL government borrowed Tk 1 1090 crore from the banking system.
Quoting from a World Bank document. Saifur said, in first six month (July 99 to December 99) of the last financial year the government borrowed Tk 2500 crore from the banking system.
Saifur also refuted Kibria s allegation that BNP and Ziaur Rahman were responsible for the default culture.
"Surprisingly, he (Kibria) does not say anything against Drshad and his accomplk^-s who created this problem (defaulted loans). When BNP was toppled in March 1982. classified loans totalled Tk 1800 crore. When it returned to power In 1991. it was Tk 18000 crore".
The former finance minister said, during BNP's first four years in office, average annual export growth was 20 per cent, which came down to 10 per cent during AL's four years.
Criticising the Finance Minister. Saifur. a lawmaker, said. "Kibria used unparliamentary language in parliament against Opposition leaders in their absence.
"In fact I did not want to say anything on the budget and involve myself in any debate as we are not in parliament. Economists said a lot. But the Finance Minister pulled me into this by using abusive words against us.
“I never termed him illiterate or ignorant. What I said is that he is totally ignorant and illiterate about fiscal measures
"He is a good diplomat and 1 respect him. But he could not prove his skill in the unfamiliar world of finance."
In a democracy, every’ citizen has the right to criticise the finance minister and for that the person doesn't have to be an expert in financial matters or an economist. Saifur said.
BNP leaders including its Secretary General Abdul Klan-nan Bhuiyan. M Morshed Khan and former finance secretary’ Enam Ahmed Chowdhury- were present