- "Banker of the Poor" Yunus takes over Bangladesh
After weeks of unrest in Bangladesh, with many deaths and the authoritarian Prime Minister Sheikh Hasina fleeing the country, Nobel Peace Prize laureate Muhammad Yunus has returned to his homeland to bring peace. Shortly after his return from a stay in France, the 84-year-old, known as the "Banker to the Poor," was sworn in as interim head of government with the support of the powerful military. Yunus is expected to remain in power until new elections are held, although the timing of these elections is currently unclear. He is the preferred candidate of the participants in the mass protests against the government.
Hopes rest on Yunus
Economist Yunus, a staunch critic of the former Prime Minister Hasina, is seen as the hope for leading the country of over 170 million people out of crisis.
Upon his arrival at the airport in the capital Dhaka, where he was received by the army chief Waker-uz-Zaman and leaders of the student protests, Yunus expressed his belief that Bangladesh could fulfill its promise of rebirth. He said there was hope that the youth could build the country, stating, "Bangladesh can be a wonderful country." He urged his fellow countrymen to preserve the nation from violence.
The interim government has an opportunity to steer Bangladesh back towards genuine democracy, according to Thomas Kean, an expert from the independent Crisis Group. Kean expects Yunus to implement political and economic reforms, although this could be challenging if the Bangladesh Nationalist Party, the second major party after Hasina's Awami League, pushes for swift new elections.
After mass protests and deadly clashes between demonstrators and security forces, Hasina stepped down on Monday and initially fled to India by military helicopter. Since July, over 400 people have died in the protests, according to local media.
Following Hasina's departure, the decision to appoint Yunus was made at a meeting between President Mohammed Shahabuddin, representatives of the protest movement, and the military. The armed forces had effectively been in control of the country in recent times.
Despite the resignation of the prime minister and plans for an interim government, there have been reports of continued violence. Most of the dead have been supporters of Hasina's Awami League, and several police stations have been burned down. Meanwhile, students have taken on some police duties, regulating traffic at several intersections in the capital and cleaning walls of graffiti directed against the former government.
Inventor of microloans
Yunus is the inventor of microloans. In the 1980s, he founded the Grameen Bank, which provided small loans to poor people who would not otherwise qualify for regular bank loans, enabling them to become self-employed. His idea has been replicated worldwide, with microcredit providers in over 100 countries by the time he received the Nobel Peace Prize in 2006.
Poverty was also a significant factor in the protests. Despite an economic boom under Hasina, with Bangladesh having the world's second-largest textile industry, many people struggle to make ends meet, with high unemployment and inflation. Fears that a controversial quota system in the civil service would jeopardize access to desirable jobs sparked the protests. Although the Supreme Court largely reversed the quota system, protests against the government continued.
Opportunities for the Country
Instead of addressing concerns, Hasina attempted to quell protests with brute force. She imposed curfews, temporarily blocked the internet, and deployed police and military. Consequently, protests escalated, with demonstrators calling for her resignation after her 15-year unbroken rule at the helm of the country.
Human rights organizations accused Hasina of rigging elections and targeting her opponents. She had thousands arrested during her tenure.
The 76-year-old also criticized Nobel laureate Yunus, accusing him of "bleeding the poor" with microcredit interest rates. After Yunus showed political aspirations and founded his own party, "Citizen Power," in 2007, their feud became public. Later, Yunus was removed as director of the Grameen Bank. This year, he faced a conviction for violating labor laws, which his supporters saw as a politically motivated attempt to silence him.
The following events unfolded after the decision to appoint Yunus as the interim head of government: The armed forces continued to maintain control over the country, while students took on police duties to maintain order in the capital.
The following political reforms are expected from Yunus' interim government, as suggested by Thomas Kean: Implementation of political and economic reforms, although it may face challenges from the Bangladesh Nationalist Party pushing for swift new elections.
