Pioneer In Poverty Reduction: Economist, Nobel Laureate Yunus To Lead Bangladesh (Photo )
Nobel Prize winner Muhammad Yunus, a new hope for Bangladesh, which plunged into a political crisis following the ouster of Prime Minister Sheikh Hasina amid massive protests against the quota system in government jobs, is the choice of the students who led the recent upheaval.
Killing over 300 people, the protest that began demanding the repeal of the quota system spread rapidly, reflecting the nationwide grudge towards Hasina’s government, culminating in her fleeing to India, hours before demonstrators stormed her residence.
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Perhaps a symbolic development, the naming of Yunus, who has been a target by the government for a decade, is considered a sharp response to the suppression of dissent that allegedly marked Hasina’s regime. Since Yunus’s pioneering microlending firm, Grameen Bank, earned him a Nobel Prize and political clout at home for helping to lift millions of people out of poverty, the government missionaries have been running after him, allegedly wary of potential political setbacks.
Drawing further retribution from the government, Yunus’s plan to launch a political party in 2007, though he later decided to stay away from it, made him a victim of political vendetta. Yunus has been facing over 200 charges against him and his associates, including money laundering and graft, which his supporters allege are “politically motivated.”
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Among other reasons, the increasing suppression of dissent, including the jailing of former Prime Minister and Bangladesh Nationalist Party leader Khaleda Zia, is attributed to the widespread resentment against Hasina’s government, which was reflected through student protests leading to her eventual resignation.
Not only was was there a harsh crackdown on dissent, but the government was also facing allegations of corruption, economic mismanagement, and corporate favors, which were reflected in the rising inflation and economic challenges.
Notably, with the appointment of Yunus as temporary head of Bangladesh, it is to see how the internally acclaimed economist is going to restore normalcy and drive the economy stable. The 84-year-old Nobel laureate providing business loans to the poorest people was the vocal choice of the protesting students for leading the new government in the country. He was also called the poor man’s banker for his exceptional work in the field.
Much like at home, the economist has a good reputation abroad, with many Western governments, elites, and businessmen impressed by his visions and microcredit initiatives. Many of them had collaborated with him, adopting his economic thoughts and visions. As a respected figure at home and abroad, Yunus is expected to take the now-chaotic Bangladesh forward.
