Leader of the Opposition in Parliament Khaleda Zia yesterday criticised the government for all the economic woes facing the country and accused it of preparing the forthcoming budget on political considerations, targeting the general election.

“The ruling party has been demolishing individual freedom and perpetrating a reign of terror in fascist style. As a result, the national economy is in a state of jeopardy. In the absence of transparency and accountability, autocracy is now the only resort of the ruling party," she said while giving out her budget thoughts at Sonargaon Hotel in the capital.

The BNP chairperson, however, fell short of providing specific proposals for the coming budget. Her hour-long speech focused more on the government’s failures.

Finance Minister AMA Muhith is due to announce the budget for the fiscal year 2012 -13 tomorrow.

In her written speech Khaleda said party loyalty and family relations were now the criteria for the use and distribution of state resources. Bad governance, corruption, plunder of national wealth and violation of human rights have seriously tarnished the image of the country. As a result, Bangladesh has become an object of neglect of the development partners.

But, the former prime minister said, her party believed that with sincere political commitment and the spontaneous participation and cooperation of all, the nation can come out of such stagnation.

The budget for the next FY cannot be termed "ambitious", she said. "However, it is a meaningless and ambitious budget when it comes to the government's ability to collect the required financing and ability to implement [it]

According to the BNP chief, the next budget will be a deficit one, as the government plans to set the deficit at Tk 50,000 crore in the Tk 1.9-trillion budget planned for the next FY. "The funds will be arranged through imprudent bank borrowings. As a result, economic imbalance, anarchy and restlessness are inevitable."

Khaleda forecast the

next fiscal year as more unbearable for the poor, low-income group, middle-class and farmers owing to high inflation, partly caused by excessive bank borrowing by the government from the internal sector in the face of scanty foreign aid.

She also outlined a 16-point vision to make Bangladesh a higher middle income country and promised to make efforts to attain zero population growth by 2030.

In addition, the main opposition party chief categorically promised to protect Grameen Bank if voted to power and also criticised the deal between Sahara Group and Rajuk, saying the agreement was absolutely non-transparent.

"The country's economy is on the brink of destruction due to the government's mismanagement. The economy has reached such a messy state that it will be tough for any government to revive and revitalise it even with all good intentions."

She said unbridled subsidies - set to top Tk 40,000 crore in the outgoing fiscal year -- are a testimony to the government's imprudence and bankruptcy. "The next generation has been burdened with liabilities."

She thinks revenue collection will be the main challenge in the next FY. "There is no alternative for the finance minister but to enhance revenue collection.”

On politics, Khaleda said, political unrest would spread further given the way the government was unleashing "repression on its political rivals".

"Political instability will negatively affect the trade and commerce of the country, adversely impacting the macroeconomic scenario."

If voted to power, the BNP will not let anyone involved in awarding the rental and quick rental power plants among party henchmen and their close associates go free, she warned.

According to her, the finance minister's decision to cut farm subsidies in the coming budget will bring further miseries to farmers.

She also questioned if the government had recently approved nine new banks to allow their sponsors to whiten black money.

The BNP chairperson does not think the country will achieve 7 percent Gross Domestic Product (GDP) growth in the current fiscal year in the face of falling exports and imports, reduction in local and foreign investment and energy crisis.

To fix the economy, the government needs to rein in inflation, cut bank borrowing, enhance reserves, ensure stability in exchange rate, increase manpower export, create investment-friendly environment, diversify export, decrease corruption and establish professionalism and good governance in all spheres of the public administration.

She also promised two bridges over the Padma if voted to power.

GRAMEEN BANK

Khaleda alleged that it was an irony that out of personal vendetta the government was out to destroy Grameen Bank and its

associated bodies.

“We strongly condemn the heinous attempt of the government. We would also like to declare that, if elected in future, we will save Grameen Bank from destruction and restore it to its rightful position.”

The Nobel Prize won by Prof Muhammad Yunus and Grameen Bank, which Yunus founded, has brightened Bangladesh's image globally, she said, adding that Grameen Bank has been playing an important role in poverty reduction and women empowerment.

RAJUK-SAHARA DEAL Referring to the memorandum of understanding signed between Rajuk and Sahara Group of India for building homes around Dhaka city, Khaleda said it was not clear as to how and on what terms and conditions a foreign company could be selected for the job without inviting any tender.

“The interests of the Bangladeshi developers have been totally ignored. It will open up a new den of corruption if the agreement is materialised bypassing procurement laws, enacted during our time,” she said.

The agreement has been signed to facilitate illegal gains for a very close relative of the prime minister, she said. “Sahara's Bangladesh subsidiary company Sahara Matribhumi Unnayan Corporation Ltd has been floated appointing Sheikh Fazle Fahim as its director."

It may be mentioned that Fahim is the son of Sheikh Fazlul Karim Selim, who is a cousin of Prime Minister Sheikh Hasina.