Bangladesh's economy has been rebounding in the last six months on reaching the verge of collapse, Chief Adviser's Press Secretary Shafiqul Alam said yesterday. 

"It's just a miracle," he said at a discussion organised by the Development Journalist Forum of Bangladesh (DJFB) at the Planning Commission in Dhaka.

Right before the interim government took over, the economy was in such a fragile state that it could have fallen apart at any moment, Alam said.

"However, in the last six months, we have witnessed remarkable improvements," he said.

Consumer prices have been declining over the past two months and inflation is expected to drop to 7 percent by June, he added.

"The priority now is to restore confidence and stability among the public," he said, reassuring savers that their deposits were safe under the current administration.

"Had the previous government remained in power, no one would have dared to keep even a single taka in the banks," he claimed.

Alam alleged that a significant portion of the nation's wealth was laundered abroad instead of being invested in the country, which could have created jobs.

"Money from Bangladesh was smuggled out to build 'Begum Para' in Canada and buy entire blocks in London," he added.

He accused the previous government of turning the energy sector into a "factory of theft" by allowing large-scale corruption through capacity charge, which is a fee for ensuring the availability of electricity when needed.

"This organised looting was carried out with state support," he said.

Alam also spoke on the Karnaphuli tunnel project in Chattogram, which connects Patenga on the river's west bank to Anwara on the east.

Built at a cost of Tk 10,689 crore, the 3.32-kilometre tunnel was opened to traffic on October 28, 2023.

He said the tunnel was not necessary under present circumstances and the expenditure was "wasteful".

There is barely any economic activity on the other side of the river and the burden of this "wasteful" expenditure has now fallen on all citizens, he said.

"To cover it, our taxes are increasing. We have no option but to bear the burden of this," he stated.

"Perhaps it will take 10 years from now. Look at the situation today—we can't even generate enough revenue to cover the maintenance costs," he said.

He alleged that it was the former land minister who initiated the tunnel project solely for his own interests.

"(the land minister's) residence is in Chattogram's Anwara upazila, which is an underdeveloped area. He pushed for the Karnaphuli tunnel project mainly for his own convenience and ease of travel," Alam alleged.

He said a seven-star hotel was built there at a cost of Tk 450 crore. "Who will stay in that hotel?" he questioned.

"(The land minister) built it for himself. He assumed that he would remain in power until 2041," Alam alleged.

The event was chaired by DJFB President Hamid Uz Zaman and moderated by DJFB General Secretary Abu Hena Muhib.