Interviewed by: Victoria Lanes for The Hindu Post

As Bangladesh approaches its next general election, scheduled for February 2026, the political landscape appears increasingly complex. Economic pressures, geopolitical shifts, and public expectations for democratic stability have placed the country at a decisive moment. Against this backdrop, The Hindu Post spoke with freedom fighter and Jatiya Party Co-Chair Shahidur Rahman Tapa, who discussed the party’s recently formed 18-party alliance, the country’s deepening economic vulnerabilities, and Jatiya Party’s foreign policy priorities. Below are the key excerpts from the conversation.

The Hindu Post: 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?

Shahidur Rahman Tapa: 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: unite like-minded nationalist forces committed to a prosperous, self-reliant Bangladesh. We have consistently emphasized building a democratic structure that protects national sovereignty and prioritizes Bangladesh’s long-term interests over short-term political calculations.

As we move toward another national election, it is imperative that the democratic process is strengthened—not weakened. We believe the Jatiya Party must take on a stabilizing role. This alliance of 18 parties reflects that vision. Each member of this coalition shares a belief in 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.

The Hindu Post: Multiple indicators show Bangladesh’s economy is under severe strain, with rising unemployment, high default loans, and concerns about falling into a debt trap. How do you evaluate the current situation?

Shahidur Rahman Tapa: The warnings coming from the country’s own institutions are alarming. During a seminar, NBR Chairman M Abdur Rahman Khan cautioned that Bangladesh is edging toward “dangerous and obligatory dependency” because of chronically low revenue-GDP ratios. Our tax-to-GDP ratio has now fallen to around 7 percent, down from over 10 percent. This is not merely a statistic—it represents a fundamental structural weakness.

Meanwhile, external debt has soared. The World Bank’s International Debt Report 2025 shows that Bangladesh’s foreign borrowing increased by 42 percent in just five years, reaching USD 104.48 billion by the end of 2024. External debt now accounts for 192 percent of export earnings, and debt-service payments have jumped to 16 percent of exports—a clear sign of mounting repayment pressure. The World Bank has placed Bangladesh among the 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—amounting to nearly 36 percent of all bank credit. These figures point to systemic fragility.

Compounding the problem, Bangladesh has not attracted any notable foreign investment for the past 15 months. Investors seek predictable governance and political stability—conditions that are difficult to guarantee without an elected government.

Still, I am 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 dependency on foreign loans, strengthens revenue collection, and rebuilds investor confidence. It is possible—if we act decisively.

The Hindu Post: 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 such geopolitical polarities?

Shahidur Rahman Tapa: Bangladesh’s foreign policy must be pragmatic, balanced, and free of unnecessary alignments. The Jatiya Party believes in maintaining constructive and friendly relations with all major powers—the United States, India, China, and Russia. Each of these countries is essential to Bangladesh’s development, economic ties, and strategic environment.

Washington is deepening its engagement with New Delhi, and the Indo-Pacific strategy underscores the importance of the region. At the same time, the combined economic weight of India, China, and Russia represents a massive market that even the United States cannot afford to overlook. For Bangladesh, the logical path is neutrality—engaging everyone while aligning with none. This ensures our sovereignty remains intact, and our national interests remain protected.

The Hindu Post: Terrorism and militancy continue to threaten global security. If the Jatiya Party comes to power, what approach will it adopt to confront these threats?

Shahidur Rahman Tapa: Terrorism is not just a security issue—it is a threat to a nation’s future. Our leadership is fully aware of this. If entrusted with power, we will prioritize a comprehensive national strategy to combat extremism. This means strengthening intelligence coordination, modernizing counterterrorism capabilities, and fostering political consensus across all parties. We believe that a united national front is the strongest weapon against violent extremism.