Right Group Demands Steps to Control Capital Flight to Enhance Domestic Resources


IndexDhaka, 7th June 2016. Toady 7th June Equity and Justice Working Group Bangladesh (EquityBD) a net work of right based civil societies, farmers, labors and NGOs, has organized a press conference at national press club Dhaka title “ Budget 2016-17, Stop capital flight must be a priority rather than increasing taxes, other than strengthening democratic institutions there are hardly any alternative to attract private investment”. During the press conference speakers criticize the proposed national budget 2016-17 as a budget of inequality and injustice, they urge for free and fair growth of democratic intuitions and also demand immediate steps to arrest growing nature of capital flights from the country. The press conference was moderated by Mr.Rezaul Karim Chowdhury the Chief Moderator of EquityBD, while position paper was read out by Mr. Ahsanul Karim Babor of EquityBD, other speakers of the press conference were, Sayed Aminul Haque EquityBD, Mostafa Kamal Akhanda of COAST and Zayed Iqbal Khan of Bangladesh Krishok Federation.
As Mr Ahsanul Karim read out from the position paper, there are 26 % increase of interest to bank and other sources in this proposed budget for taking loan compared to last year. Non development expenditure is 55 % including interest it is total 67 % of the budget, rest 33 % is only for development expenditure. The capital flight of 2013 was 12 time higher than the foreign grant and 141 % more of foreign loan of the year 2015-16. Bangladeshi people’s deposit in different banks of Switzerland was increase 43 % during 2014 compare to previous year, while deposit rate of other countries especially of India has reduced drastically. Around 3061 (May 2015) people did capital transfer from Bangladesh in Malaysia through their second home program, which is third highest. Bangladesh is the fifth highest country of origin of remittance in India.
Sayed Aminul said that while India has shown several effective measures to stop capital flight, our government has shown hardly any effective measures in this regard. On the other hand in this proposed budget there are proposal of enhancing VAT and other taxs, which is injustice. Rezaul Karim Chowdhury the moderator of the press conference mentioned that, politicians must shun the confrontational politics and hate speech to promote sense of security to the citizens which is a basic to stop capital flight. He also said that free and fair growth of democratic intuitions is also essential to attract private investment. Government has a declared National Integrity Policy; he demanded effective measures to implement the policy to curb the corruptions are also an essential in this regard.

please download [Bangla Press] [English Press] [Position paper]

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