Civil society organizations on Thursday demanded immediate and unconditional cancellation of illegitimate loans ahead of the 4th International Conference on Financing for Development (FfD4), scheduled to be held in Seville, Spain from June 30 to July 3.

At a human chain titled “Not Debt Repayment, We Demand Justice: Cancel the Debt, Change the System” held in front of the National Press Club, speakers raised concerns over unfair taxation, illicit financial flows, money laundering, and the rising debt burden.

They said Bangladesh has implemented unfair tax reforms to meet conditions set by the IMF and other international financial institutions, which have directly impacted ordinary citizens.

They noted a 33% rise in Bangladeshi citizens’ bank balances in Swiss banks in 2024 and said over $240 billion has been laundered in the past 15 years—an amount nearly equal to the country’s total foreign debt.

Speakers demanded the return of laundered money and the formation of an independent commission to review loan processes, especially for mega projects.

They also called for a halt to loan approvals without prior discussion and consent from the national parliament.

The human chain was organized jointly by APMDD, COAST Foundation, EquityBD, TUS, BCJF, NDF, NRDS, CPRD, CPD, Sundarbans O Upkul Surakha Andolon, UDAYAN Bangladesh, PROKAS, and Waterkeeper Bangladesh as part of the “Global Day of Action on Finance.” Mustafa Kamal Akand, Coordinator of EquityBD-secretariat, moderated the programme, says a press release.

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Rezaul Karim Chowdhury of EquityBD said countries like the UK, USA, Netherlands, UAE, Germany, Switzerland, and Belgium must stop receiving illicit financing and return stolen assets to Bangladesh.

He also called for a UN-led task force to prevent illicit financial flows.

Sharif Jamil of Waterkeepers Bangladesh stressed the need for climate financing as grants to support national adaptation efforts.

Md Iqbal Uddin of COAST Foundation said developed countries are not meeting their Official Development Assistance commitments and are promoting loans over grants.

Ibnul Sayed Rana of NDF and Nikhil Chandra Bhadra of Sundarbans O Upkul Surakha Andolon called for recovery of laundered money and investment in coastal areas.

Mir Mohammad Ali of Sher-E-Bangla Agricultural University demanded compensation, while Sheikh Asaduzzaman of UDAYAN Bangladesh called for climate justice.

ASM Amanul Hasan Taimur of PROKAS expressed concern over growing debt.

Omour Faruk Bhuiya of EquityBD opposed IMF-backed tax reforms and demanded cancellation of all illegitimate loans.

Md Motahar Hossen of Bangladesh Climate Change Journalist Forum said climate financing is a right, not charity.