Dhaka, June 3 -- After years of economic strain, many in Bangladesh had pinned their hopes on reforms to ease the burden. But the first-ever cost-cutting budget from Finance Advisor Salehuddin Ahmed has left them disheartened.

Far from offering a roadmap out of the grip of inflation, the budget delivers little reprieve for ordinary citizens. Rather than relief, what they found was more pressure. Instead, the middle class, already tightening their belts just to get by, finds itself squeezed further.

While the government pledged to simplify the tax regime and reduce inequalities -- particularly to ease the path for doing business -- the budget stops short of offering a clear strategy to steer the economy out of ongoing political uncertain...