During the AL years, $14 billion per year was lost to capital flight

Bangladesh has reportedly lost an average of $14 billion annually to capital flight during the 15-year tenure of the Awami League, according to a draft report by the committee tasked with preparing a white paper on the economy. Due to time constraints, the exact amount of capital flight could not be determined, sources from the 12-member committee told The Daily Star. However, a dedicated chapter on the issue has been prepared using scientific methodologies, government documents, and international reports.

Formed on August 28, the committee was given three months to draft the report, which aims to present an accurate picture of the economy, impacted by years of mismanagement and data manipulation. "We have included details on how money laundering occurs and proposed measures to curb it," said a committee member who requested anonymity.

Earlier, on November 2, Transparency International Bangladesh estimated that $12 to $15 billion is siphoned out of the country annually over the past 15 years. Additionally, Global Financial Integrity, a US-based research organization, reported that Bangladesh lost an average of $8.27 billion annually between 2009 and 2018 through trade mis-invoicing by importers and exporters to evade taxes.

The 250-page report, titled "White Paper on the State of Bangladesh Economy," includes 22 chapters covering topics such as GDP growth, inflation, external balance, banking sector health, power and energy, public debt, trade, revenue, mega projects, poverty and equality, the business environment, education, health, and climate issues. It will be submitted to Chief Adviser Muhammad Yunus on Sunday and released to the public the following day.

"We aim to present the true state of Bangladesh’s economy," said another committee member.

Chaired by Debapriya Bhattacharya, a distinguished fellow at the Centre for Policy Dialogue, the committee has assessed key mega projects like the Padma Bridge, the Rooppur nuclear power plant, the Matarbari power plant, and the Karnaphuli tunnel. Observations on corruption allegations in the Padma Bridge project and issues surrounding the Canadian court proceedings were also included.

The 6.15-kilometer Padma Bridge, built at a cost of Tk 30,193 crore ($3.56 billion), relied on $2.4 billion in foreign currency financed through Agrani Bank. The report also highlights the burden of public debt and the upcoming foreign loan repayments for 215 ongoing foreign-funded projects.

The committee has proposed strategies to streamline subsidy expenditures, address the growing non-performing loans problem, and improve market management to control inflation. Members include renowned economists such as AK Enamul Haque, Kazi Iqbal, Mustafizur Rahman, Selim Raihan, and others, alongside experts in energy and manpower export.