Muhammad Yunus is known for lifting millions out of poverty with his groundbreaking microfinance loans. Getty Images
In a dramatic turn of events in Bangladesh, Nobel laureate Muhammad Yunus has been appointed as the country’s interim leader. Yunus, who is well-known for his innovative work in micro-loans, takes over at a pivotal moment following the dramatic resignation of former Prime Minister Sheikh Hasina. This decision comes after weeks of intense protests demanding Hasina's removal.
Yunus, aged 84, was named interim leader just a day after Hasina fled the country amid mounting unrest. The protests, which began in early July, were initially driven by university students advocating for changes to civil service job quotas but rapidly evolved into a widespread anti-government movement. Over 400 people have reportedly lost their lives in the clashes between protesters and government forces, with Monday being the deadliest day, claiming more than 100 lives and resulting in widespread destruction, including the burning of police stations.
The tipping point came when Hasina's official residence was stormed and looted by protesters in Dhaka. Facing overwhelming pressure, Hasina resigned and sought refuge in neighbouring India, marking the end of her nearly 15-year tenure as prime minister. Her rule had been increasingly criticized for suppressing dissent and imprisoning political opponents, such as former Prime Minister Khaleda Zia and activist Ahmad Bin Quasem, who were released shortly after Hasina's departure.
Muhammad Yunus, renowned globally for his pioneering work with Grameen Bank, which provides micro-loans to the impoverished, was chosen as the interim leader following discussions between President Mohammed Shahabuddin, military leaders, and student leaders. Yunus, who is currently on bail while appealing a six-month jail term in a case he deems politically motivated, expressed his willingness to step in at this challenging time. "When the students who sacrificed so much are requesting me to step in at this difficult juncture, how can I refuse?" Yunus remarked.
Yunus’s appointment has stirred mixed reactions. While his microloan model has earned him international acclaim, earning him the Nobel Peace Prize in 2006, his relationship with Hasina was fraught with tension. Hasina had criticized Yunus, calling him a "bloodsucker" and accusing his bank of high interest rates. Yunus had faced various allegations, including tax evasion and violating labour laws, which he claims were politically motivated.
The selection of Yunus as interim leader has led to calls from foreign leaders to uphold democratic principles and the rule of law in Bangladesh. U.S. Secretary of State Antony Blinken and Australian Foreign Minister Penny Wong have urged the new interim government to respect democratic values and refrain from violence.
Meanwhile, Hasina's whereabouts remain uncertain, though she is currently in India. Analysts suggest that India, given its strategic interests and long border with Bangladesh, is likely to maintain a careful stance towards the new administration in Dhaka. India has even increased its troop presence along the border, signalling its cautious approach.
