Inventor of microcredit to lead Bangladesh out of crisis
Since the resignation of Prime Minister Hasina and her flight abroad, Bangladesh has been without leadership. Peace Nobel laureate Yunus is now being sworn in as interim chief. The 84-year-old "Banker of the Poor" is the preferred candidate of the protesters.
After weeks of unrest in Bangladesh with many deaths and the flight of authoritarian Prime Minister Sheikh Hasina, peace Nobel laureate Muhammad Yunus is to bring peace to his home country. Shortly after his return from a stay in France, the 84-year-old, also known as the "Banker of the Poor", was sworn in as interim government chief with the support of the powerful military. Yunus is to remain in power until new elections are held, the date of which is still unclear. He is the preferred candidate of the participants in the mass protests against the government.
The ceremony at Bangabhaban, the official residence of President Mohammed Shahabuddin in the capital Dhaka, began in the evening with a minute's silence for the victims of the unrest. An imam then recited from the Koran. Alongside Yunus, the president swore in 13 appointed members of the future interim cabinet - two of whom are leaders of the student protests. Three more cabinet members were to take their oath later. Among those invited were military personnel, government officials, and other members of the protest movement. No one from the Awami League, the party of the former prime minister, was present, as it was reported in circles around the president.
"Bangladesh can be a wonderful country"
Economist Yunus, a decided critic of Hasina, is now the hope for leading the country of over 170 million people out of crisis. Bangladesh can fulfill the promise of rebirth, Yunus said upon his arrival at the capital's airport, where he was received by the army chief Waker-uz-Zaman and leaders of the student protests. There is hope that the youth can build the country. "Bangladesh can be a wonderful country," he said, calling on his fellow countrymen to preserve the nation from violence.
The interim government has the opportunity to lead Bangladesh back towards genuine democracy, says Thomas Kean, an expert from the independent Crisis Group. He expects Yunus to implement political and economic reforms. However, this could be difficult if the Bangladesh Nationalist Party, the second major party alongside Hasina's Awami League, pushes for quick new elections.
The long-standing head of government resigned on Monday after mass protests and deadly clashes between protesters and security forces, initially fleeing to India by military helicopter. According to local media, more than 400 people have died in the protests since July.
After Hasina's flight, the decision for Yunus was made at a meeting of the president with representatives of the protest movement and the military. The armed forces had reportedly been de facto in power in the South Asian country.
Even after the resignation of the prime minister and plans for a transitional government, there were reportedly isolated incidents of violence. There were more deaths, mostly supporters of Hasina, and several police stations were set ablaze. Meanwhile, students took on some police duties, directing traffic at several intersections in the capital and cleaning graffiti from walls that targeted the former government.
Yunus is the inventor of microloans. With his Grameen Bank, founded in the 1980s, he provided small loans to poor people who otherwise wouldn't qualify for regular bank loans, helping them to become self-sufficient. His idea spread worldwide: when Yunus won the Nobel Peace Prize in 2006, there were microcredit providers in over 100 countries.
Poverty was also a significant factor in the protests. Despite economic growth under Hasina, many struggle to make ends meet, with high unemployment and inflation. Fears that a planned, controversial quota system in the civil service would jeopardize access to sought-after jobs sparked the protests. Although the Supreme Court largely reversed the quota system, protests against the government continued.
Despite the continued unrest and incidents of violence, the interim government led by Nobel Peace laureate Muhammad Yunus has the responsibility to restore peace and stability in Bangladesh. The youth, who have been active in the protests, now have an opportunity to contribute positively towards building a peaceful and wonderful country as urged by Yunus.
