Dhaka (Pakistan News) After the resignation of Prime Minister Sheikh Hasina and her departure to India, Bangladeshi student protest leaders have called for Nobel laureate economist and Hasina’s political rival, Muhammad Yunus, to head an interim government.
In response to Sheikh Hasina’s resignation, President Shahabuddin dissolved the assembly the next day and indicated the formation of an interim government for new elections.
The students proposed Muhammad Yunus, the founder of Grameen Bank, as the head of this interim government.
Nobel laureate economist Muhammad Yunus has agreed to become the chief adviser to the interim government in Bangladesh. According to Prof Younis’ spokesperson, he is currently in Paris for treatment and will return to Bangladesh ‘immediately’ after a routine medical procedure.
Yunus was awarded the Nobel Peace Prize in 2006 for his efforts in poverty alleviation through microcredit. Yunus’ Grameen Bank provided approximately $100 million in loans to rural areas typically neglected by traditional banks.
This model of microcredit inspired similar initiatives in rural areas worldwide, including in developed countries. He also established a similar institution in the United States.
In 2007, Muhammad Yunus attempted to enter politics by forming his own party, but his political career was short-lived. Sheikh Hasina reacted angrily to Yunus’ political ambitions, accusing him of exploiting the poor.
Both Bangladesh and neighboring India have criticized microcredit schemes for charging high-interest rates to the poor. However, Yunus argued that the interest rates on his loans were lower than the prevailing rates in developing countries.
In 2011, the Bangladeshi government removed Yunus from the head of Grameen Bank, citing his age, which was 73 at the time, exceeding the mandatory retirement age of 60. This move sparked protests, with thousands of Bangladeshis forming human chains in solidarity with Yunus.
Earlier this year, in January, Yunus was sentenced to six months in prison for labor law violations. In June, he and 13 others were charged with embezzling nearly $2 million. Although Yunus was not imprisoned, he faced over 100 cases involving corruption and other charges.
In an interview with Reuters, Yunus dismissed these allegations as “fabricated.”
Criticizing Sheikh Hasina in June, Yunus stated, “Politics no longer exists in Bangladesh. There is only one party that controls everything. What that party does is what happens, and they also conduct the elections in this manner.”