Costly mega projects taken during the Awami League government, including the Padma Bridge, Padma Rail Bridge, Karnaphuli Tunnel and Payra Port, have had adverse impacts on the market, contributing to economic instability, Commerce Adviser Sk Bashir Uddin reiterated on Sunday.
“The projected toll collection from the Padma Rail Bridge was Tk 1,400 crore, but only Tk 26 crore has been realised so far. It was claimed that the Padma Bridge would raise GDP by 2 percent; instead, GDP has declined. The draft of Payra Port is only four metres, it is unclear whether it is a port or merely a jetty. The same logic applies to the Karnaphuli Tunnel,” he told a press conference at his ministry.
The adviser said thousands of crores of taka were spent over the last one and a half decades on unnecessary and poorly planned projects that failed to generate sustainable income for the country. As a result, the debt burden increased and the currency depreciated.
Bangladesh, Japan finalises draft of EPA, signing next month: Commerce Adviser
“Analyse it yourselves — what did the country actually gain in return for the Padma Bridge? If this money had been invested in irrigation and fertiliser, it would have been far more meaningful, and Bangladesh’s debt repayment capacity would have improved further,” he said.
Sk Bashir Uddin said foreign debt stood at around Tk 2 lakh crore when the Awami League came to power in 2008, which rose to Tk 23 lakh crore by 2025.
He also noted that the currency depreciated by 46 percent over the past one and a half decades. “There has been an organised spree of looting in the country. The banking sector has been completely ruined, forcing Bangladesh to seek loans from the International Monetary Fund. This loan was not sought by the interim government; it was taken by the Awami League government.”
The adviser said the interim government was firmly committed to halting unnecessary project spending and has already scrapped hundreds of such projects involving thousands of crores of taka.
“Projects where around 80 percent of funds have already been spent are being continued out of compulsion, while those with only 5–10 percent expenditure have been cancelled,” he said.
Referring to the cost escalation of the Rooppur Nuclear Power Plant, Bashir Uddin said project costs increased by Tk 26,000 crore mainly due to currency depreciation.
Extra flight fees to be waived for 3 days: Commerce Adviser
Asked about a Tk 786 crore project to construct three new buildings for future ministers, the adviser said he was completely unaware of the matter. “I am not informed at all. I know nothing about this project, so I cannot comment on it.”
The commerce adviser also stressed the need for aligning project spending strictly with realistic income sources.