After winning the farcical election for the third term, Awami League has doubled down on its kleptocratic characteristic that is looting state resources and essentially indulging in the plan to destroy the country's economy. Another evidence of this is the announcement of the merger of weak banks.

One must ponder why the banks are weak. The answer is bad debt. Politically powerful people have torn apart the banks in the last decade and a half. They have built what people call ‘the Begumpara’ in every country possible with the money siphoned off and laundered from defaulted loans. While sanctioning these loans, the banks did not perform due diligence, nor did they follow the normal process of loan approval, such as the ability of the borrower to pay off the debt or the collateral. Banks were compelled to give loans out to Awami League’s looters.

Secondly, there are currently 65 banks in Bangladesh. This number is abnormally high. The neighbouring India is a much bigger country; there are only 34 banks. There are fewer than 20 banks in Singapore, Thailand and other South Asian countries. This is because these banks in Bangladesh are just a means of money laundering. Dozens of banks have mushroomed by using undue political influence over the Bangladesh Bank – their main job is to help looters launder the money by giving out loans.

Now, the defaulted loans of these banks will be legalised with this decision. Whatever functioning banks were left in the sector will also be plundered by imposing the bad debt on their shoulders.

What will this government do next? In the name of saving these banks, will it print money at will. The money will be used to protect defaulting borrowers. They will steal more. On the other hand, this will result in further inflation. People are already disoriented with the stress of price hike. If the commodity price goes further up, it will be tantamount to a death sentence for the common people.

Is that all? As the government protects the looters, it will stop all welfare works and subsidies on the pretext that the economy is bad. Widows will not get even the little money they used to receive, the physically disabled and elderly will be strained. In hospitals and schools, the poor will no longer receive low-cost services.

The endless greed and hunger of the Awami League’s plundering of the system will devour everything in this country.