Bad loans keep getting worse

According to Bangladesh Bank data released this week, defaulted loans surged to Tk145,633 cr at the end of December 2023 from Tk120,656cr at the end of December 2022 and Tk103,273cr in the same period in 2021.
This begs repeating: The surge in bad loans should be cause for collective shame.
We talk of becoming a “smart” Bangladesh, of creating an equitable and prosperous nation in the near future. Will any of that be possible if we keep piling up these bad loans?
What is cause for most alarm is that bankers predict that the volume of defaulted loans will only increase further with the existing regulatory approach and the tendency of borrowers to avoid repayments.
This is simply unacceptable.
At the centre of it all is this gross culture of impunity, of powerful entities doing whatever they wish, and our financial sector rendered helpless and powerless due to their influence. The result is quite literally thousands upon thousands of crores being stolen from our coffers.
The alarming trend of the increase tells us all there is to know: This is an issue that keeps getting worse. With that said, it is clear to see that it is not an issue we can keep sweeping under the rug and not take any concrete actions to address. We are quite literally bleeding money as a result of it.
If Bangladesh is indeed serious about addressing this issue, then it must put a stop to this trend. This culture of neglect and impunity is among the most damaging issues holding us back as a nation. This cannot be tolerated any more.