Tue 06 August 2024:

Bangladesh’s lone Nobel laureate, Muhammad Yunus, will head the country’s transitional government following the dramatic downfall of Prime Minister Sheikh Hasina, an official statement announced on Tuesday evening.

President Mohammad Shahabuddin’s press secretary, Joynal Abedin, confirmed the decision, which was made during a meeting involving the president, the chiefs of the armed forces, and leaders of the Anti-Discrimination Student Movement. This movement had led weeks of intense anti-government protests.

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Coordinators and Military Leaders Discuss Interim Framework

The 13 coordinators of the student movement visited the president’s official residence on Tuesday evening to discuss the interim government’s framework with Shahabuddin. Later, the chiefs of the army, navy, and air force joined the discussions.

Following these discussions, it was decided to form an interim government. On Monday, Prime Minister Sheikh Hasina resigned and fled to neighboring India, leading to the dissolution of her Cabinet.

Bangladeshi Army Chief Gen. Waker-Uz-Zaman announced the formation of an interim government to govern the country. On Tuesday, President Shahabuddin also dissolved the country’s parliament.

Who is Nobel Laureate Yunus

Yunus, popularly known as Dr. Yunus, is Bangladesh’s lone Nobel laureate and the country’s most renowned “global citizen” who also had honors like the Presidential Medal of Freedom, the highest civilian award in the US.

A social entrepreneur, banker, and economist best known for his pioneering work in microfinance and social business, he gained international fame for founding the Grameen Bank in 1983.

The Grameen Bank was established to provide small loans to impoverished people, primarily women, in Bangladesh who lacked access to traditional banking services.

The idea was to offer financial assistance without requiring collateral, fostering entrepreneurship among the poor.

Yunus’ approach to microcredit was revolutionary because it empowered people to start or expand small businesses, thus improving their economic situation.

His work demonstrated that people who are considered “too poor” to receive conventional loans could successfully repay them and improve their lives.

In recognition of his contribution to economic development and poverty reduction, Yunus was awarded the Nobel Peace Prize in 2006.

The strained relationship between Hasina and Yunus was a widely known fact, both locally and globally.

Hasina, who was forced to resign and fled Bangladesh in the face of a student-led mass upsurge, had repeatedly criticized Yunus, labeling him a “bloodsucker” for allegedly using coercion to recover loans from impoverished rural women while he was the CEO of Grameen Bank.

After coming to power in 2008, Hasina’s administration launched a series of investigations into Yunus. In 2011, he was dismissed from his role as managing director of Grameen Bank, following a government inquiry that found he had violated the bank’s retirement policies.

Two years later, Yunus faced allegations of receiving funds without government approval, including his Nobel Peace Prize award and book royalties.

Some analysts suggest that the current regime’s animosity toward Yunus is rooted in what they view as a strategic misstep he made about 15 years ago.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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