Dhaka, June 15 -- Before the budget speech, there was an expectation, encouraged by the finance minister's pre-budget remarks, that the government would offer a candid accounting of the fiscal inheritance: a banking sector carrying the world's highest non-performing loan ratio, private-sector credit growth near a multi-year low, inflation stuck above 9 per cent, and revenue collections running far below target. That accounting did not materialise.

Instead, the budget for the fiscal year 2026-27 was framed around forward-looking intentions. The finance minister acknowledged "challenges" in general terms but chose not to present a detailed public autopsy of FY2025-26. For a government fewer than four months old, the political logic is unde...