In the wake of intense political turmoil and the resignation of Prime Minister Sheikh Hasina, the leaders of Students Against Discrimination have called for Nobel laureate Muhammad Yunus to be appointed as the chief adviser of Bangladesh’s interim government. This development follows Hasina’s abrupt departure from the country and the eruption of anti-government protests that have claimed at least 300 lives.
The plea for Yunus came shortly after President Mohammed Shahabuddin announced the dissolution of Parliament and the formation of an interim government. Yunus, who is currently in Paris serving as an advisor for the 2024 Olympic Games, has welcomed the removal of Hasina’s regime, characterizing it as a “second liberation” for Bangladesh, according to PTI.
Who is Muhammad Yunus?
Born in 1940 in Chittagong, Muhammad Yunus is a renowned economist and the founder of Grameen Bank. After obtaining his PhD in economics from Vanderbilt University in 1969, Yunus began his academic career at Middle Tennessee State University before returning to Bangladesh. In 1972, he was appointed head of the economics department at Chittagong University.
Yunus is best known for his groundbreaking work in microfinance. His innovative approach involved providing small loans to individuals who lacked access to traditional banking services, helping to uplift millions from poverty. This model, formalized as Grameen Bank in 1983, has been adopted globally, with Grameen Bank disbursing $34.01 billion in collateral-free loans to 9.55 million people, boasting a recovery rate of 97.22%, as reported by the Daily Sun.
In 2006, Yunus and Grameen Bank were awarded the Nobel Peace Prize for their efforts to promote economic and social development from the grassroots level.
Controversies and Relations with Hasina
Despite his significant contributions, Yunus’ relationship with Sheikh Hasina has been fraught with tension. Following Yunus’ Nobel Prize win, he attempted to form his own political party, a move that was met with hostility from Hasina’s administration. When Hasina returned to power in 2009, her government launched several investigations into Yunus’ activities, accusing him of using coercive methods to recover loans from impoverished rural women.
As Bangladesh faces a period of uncertainty and transition, the demand for Yunus to lead the interim government reflects a broader desire for stability and reform. Yunus’ appointment could signal a shift towards a more inclusive and development-focused approach, potentially steering Bangladesh towards a more stable and prosperous future.