Corruption and looting of the rich will fall on the poor: CPB

The Communist Party of Bangladesh (CPB) has given an immediate response to the proposed budget for the fiscal year 2024-25. The party says that this year’s announced budget will put the responsibility of corruption and looting of the rich class on the hardworking and low income people. As a result, the past trend of killing the poor and feeding the rich will continue in the budget this year as well. At the same time, this contractionary budget will reduce growth, but increase unemployment.

CPB President Comrade Mohammad Shah Alam and General Secretary Ruhin Hossain Prince commented on the budget response on Thursday (June 6).

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In response to the budget, CPB said that now is not a good time for the common man. Most people’s real incomes have fallen. But the cost of medical and education along with daily necessities continues to rise. Not everyone has job security. In this situation, the proposed budget for the financial year 2024-25 will not give relief to the common people. The budget speech has spread the flower of sweet words and widened the way to cut people’s pockets through various taxes and price hikes.

In the statement, CPB leaders said that the sudden increase in dollar exchange rate will cause the price of all imported goods to increase rapidly. On the one hand, the government has declared inflation as the main challenge in this budget, on the other hand, following the instructions of the IMF, it has increased the prices of energy and electricity and passed the onus on the consumer.

Inflation is pushing the lower and middle classes into poverty and increasing the risk of the poor becoming extreme poor, the statement said. At the same time, the real wages of ordinary workers in the productive sector are falling.

The leaders expressed their anger and said that the workers demanded rationing of rice-dal-oil and baby food. But it was not done in the budget.

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They said that the government has increased the interest rate of the banks by a huge amount without collecting it from the defaulters and money launderers. As a result, those borrowers who have taken the bank loan and used it productively to repay the loan regularly, are now forced to bear the increased interest burden.

CPB says that this budget made in the face of economic crisis has imposed the burden of income on the common people. But welfare expenditure has been further reduced in the budget for the people.