Budget lacks banking reform measures: TIB

The Transparency International Bangladesh (TIB) has expressed deep concern over the absence of reform initiatives for the banking sector in the budget for 2018-19. It vehemently protested the proposals that continued using people's money in the form of subsidies to cater to deficiencies in loss-making public sectors and strategically kept the scope for whitening black money, it said in a statement yesterday.

The TIB said the budget fails to fulfill transparency expectations, demanding effective vigilance for proper implementation of the proposed development plans and specific strategic plans and directives to ensure transparency and accountability.

“The proposal to cut the existing corporate tax rate instead of taking steps to ensure accountability against loan defaulters and those engaged in corruption and anarchy is unconstitutional and discriminatory,” said Iftekharuzzaman, executive director of the TIB.

However, the TIB expressed satisfaction over the proposals that increased the monthly allowance under the social safety net programmes and provided the highest-ever allocation for women's development.