As Bangladesh heads toward its next general election, scheduled for February 2026, the political landscape is becoming increasingly complex. Mounting economic stress, shifting geopolitical alignments and rising public expectations for democratic stability have brought the country to a critical juncture. Against this backdrop, New Delhi Post spoke with freedom fighter and Jatiya Party Co-Chair Shahidur Rahman Tapa about the party’s newly formed 18-party alliance, Bangladesh’s deepening economic vulnerabilities and the Jatiya Party’s foreign policy priorities. Excerpts follow:
The Jatiya Party has recently formed an alliance of 18 political parties under the leadership of Chairman Barrister Anisul Islam Mahmud and Secretary General Ruhul Amin Howlader. What was the core objective behind building such a large coalition?
The Jatiya Party has always upheld the principle of national unity, a vision introduced by our founder, Hussain Muhammad Ershad. His philosophy was simple yet profound: to unite like-minded nationalist forces committed to a prosperous, self-reliant Bangladesh. We have consistently emphasised the need to build a democratic structure that protects national sovereignty and prioritises Bangladesh’s long-term interests over short-term political calculations.
As we move towards another national election, it is imperative that the democratic process is strengthened. We believe the Jatiya Party must play a stabilising and constructive role. This alliance of 18 parties reflects that vision. Each member of the coalition shares a commitment to stability, development and safeguarding Bangladesh’s future. Together, we aim to ensure that democracy does not remain a mere slogan but becomes the functional backbone of governance.
Multiple indicators suggest Bangladesh’s economy is under severe strain, with rising unemployment, high default loans and concerns about falling into a debt trap. How do you assess the current situation?
The warnings coming from the country’s own institutions are alarming. At a recent seminar, National Board of Revenue (NBR) Chairman M Abdur Rahman Khan cautioned that Bangladesh is edging towards “dangerous and obligatory dependency” due to chronically low revenue-to-GDP ratios. Our tax-to-GDP ratio has fallen to around 7 per cent, down from over 10 per cent. This is not merely a statistic; it reflects a fundamental structural weakness.
Meanwhile, external debt has surged. The World Bank’s International Debt Report 2025 shows that Bangladesh’s foreign borrowing increased by 42 per cent in just five years, reaching USD 104.48 billion by the end of 2024. External debt now amounts to 192 per cent of export earnings, while debt-service payments have risen to 16 per cent of exports. These are clear signs of mounting repayment pressure. The World Bank has placed Bangladesh among countries with rapidly rising external debt vulnerability, alongside Sri Lanka.
Domestically, the banking sector is under extraordinary stress. Default loans rose by Tk 2.24 lakh crore within six months, reaching Tk 6.44 lakh crore by September—nearly 36 per cent of total bank credit. These figures point to deep systemic fragility.
Compounding the problem, Bangladesh has not attracted any notable foreign investment over the past 15 months. Investors look for predictable governance and political stability—conditions that are difficult to guarantee without an elected government.
Despite this, I remain optimistic. Bangladesh is rich in natural resources and has a large, capable workforce. With sincere efforts and transparent governance, we can reverse the downturn. What the country urgently needs is a long-term economic strategy that reduces dependence on foreign loans, strengthens revenue mobilisation and restores investor confidence. This is achievable if we act decisively.
The global divide between the US-led bloc and the India-Russia-China axis continues to widen. How does the Jatiya Party plan to navigate these geopolitical polarities?
Bangladesh’s foreign policy must be pragmatic, balanced and free from unnecessary alignments. The Jatiya Party believes in maintaining constructive and friendly relations with all major powers—the United States, India, China and Russia. Each plays a vital role in Bangladesh’s development, economic engagement and strategic environment.
Washington is deepening its partnership with New Delhi, and the Indo-Pacific strategy underscores the region’s growing importance. At the same time, the combined economic weight of India, China and Russia represents a vast market that even the United States cannot ignore. For Bangladesh, the logical path is neutrality—engaging with all while aligning with none. This approach ensures our sovereignty is preserved and our national interests remain paramount.
Terrorism and militancy continue to threaten global security. If the Jatiya Party comes to power, what approach will it adopt to confront these threats?
Terrorism is not merely a security challenge; it is a threat to a nation’s future. Our leadership fully recognises this. If entrusted with power, we will prioritise a comprehensive national strategy to combat extremism. This will include strengthening intelligence coordination, modernising counter-terrorism capabilities and fostering political consensus across parties. We firmly believe that a united national front is the strongest defence against violent extremism.
