Reduce borrowing, ensure accountability in budget: Islami Andolan Bangladesh

Islami Andolan Bangladesh (IAB) has called on the government to curb its excessive reliance on borrowing for the upcoming 2026-27 fiscal year budget. The party also emphasized the need for transparency and accountability in public spending.

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The government has no mandate to engage in deception, procrastination, waste, or uncontrolled spending in implementing a budget financed by taxpayers’ money.

Mufti Syed Muhammad Rezaul Karim, the party's leader, asserted that the government lacks the mandate for deception, waste, or uncontrolled spending, especially when using taxpayer money. He highlighted that while only about 10 million individuals are registered taxpayers, all citizens contribute to state revenue through indirect taxes on goods and services. Therefore, he stressed the importance of proper utilization of public funds.

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A budget is not merely an economic plan but also a commitment of accountability to the people.

Karim observed significant shortcomings in the budget's monitoring, accountability, and integrity during its implementation, leading to substantial waste and corruption in procurement. He argued that budgetary benefits often fail to reach ordinary citizens due to a corrupt system. The IAB chief believes that effective budget implementation requires not only a leadership change but also a policy shift. He proposed that Shariah-based economic principles could effectively contribute to the country's economic stability.

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Shariah-based economic principles could play an effective role in ensuring economic stability in the country.