The economy of the country has descended into anarchy following the Awami League's assumption of power in 2009, BNP Secretary General Mirza Fakhrul Islam Alamgir said on Friday.

"Every major economic indicator, including inflation, reserves, remittances, current account deficit, fiscal deficit, and currency depreciation, paints a bleak picture, pushing the nation's overall economy towards catastrophe," Mirza Fakhrul made these remarks during a press conference at the BNP chairperson's office in Gulshan, the capital.

Fakhrul also pointed out that the global economic crisis has lessened, not halted entirely. He cited the example of Sri Lanka, which has succeeded in reducing its inflation rate from 69.8% in September 2022 to 2.1% in August this year. Sri Lanka has even managed to repay the loans it had borrowed from Bangladesh.

Highlighting the dire state of the country's economy, Fakhrul said "recovery seems elusive."

He attributed this worsening situation to the government's piecemeal, opaque, and uncoordinated approach to addressing the issues.

Fakhrul expressed concern about the relentless decline in foreign exchange reserves, referencing Bangladesh Bank data which indicates reserves at $21 billion. The IMF, however, reports current net reserves at $17 billion.

Addressing remittances, Fakhrul noted that the income from expatriates has been decreasing for three consecutive months. In September, a 41-month low of $1.34 billion was recorded.

"The dwindling foreign exchange reserves every month are propelling the country's economy toward a major crisis. Businessmen and industrial owners are unable to open Letters of Credit due to the shortage of dollars," Mirza Fakhrul added.

Fakhrul also highlighted the plight of the impoverished, who struggle to eat their fill while accusing the Awami League leaders of driving the country to the brink of bankruptcy under the guise of development.

He condemned the Awami League government for its pervasive corruption and criticised their approach to development, which has resulted in a crushing national debt of approximately Tk20 lakh crores.

Fakhrul lamented that, "Bangladesh remains ensnared in the crisis due to delayed decision-making, erroneous policies, policy coordination failures, a lack of transparency and accountability, and, above all, rampant corruption."