Mamun Rashid

Bangladesh’s ambition to become a $1 trillion economy by 2034 is bold, inspiring and politically powerful.

The Sikder family story now dominating headlines is not merely about one business group’s rise and fall.

Bangladesh’s economy is confronting three interconnected structural vulnerabilities: a surge in non-performing loans (NPLs), weakness in revenue mobilisation and a rise in debt-dependent fiscal management. These are no longer isolated technical concerns. Together, they amount to a systemic stress test of economic governance.

After more than 35 years in commercial banking, I have seen a troubling pattern: persistently high non-performing loans, limited product innovation, weak risk management, a shortage of capable and transformational leadership, and undue interference by owner directors.

Over nearly four decades, through persistence and sacrifice, Bangladesh has become a reliable exporting nation.

I worked with senior officials at Bangladesh Bank in developing the framework for the 2025 Bank Resolution Act, which is similar to India’s Insolvency and Bankruptcy Code, 2016, and analogous frameworks in Indonesia and a few other comparable economies.

A national budget is not merely a financial plan. It reflects political commitment and sets the direction of travel.

We often confuse charity with CSR (corporate social responsibility), and label all sorts of activities as CSR.