On August 6, 2024, Dr Muhammad Yunus, the renowned Nobel Laureate, was appointed as the head of Bangladesh’s interim government. This appointment comes a day after Prime Minister Sheikh Hasina left the country. The decision was confirmed by President Shahabuddin’s Press Secretary, Joynal Abedin, and was made during a meeting with the coordinators of the Anti-Discrimination Student Movement, according to the Dhaka Tribune.
The formation of this interim government follows President Shahabuddin’s announcement of dissolving the parliament in response to Hasina’s departure. This move marks a significant shift in Bangladesh’s political landscape as the nation navigates a period of uncertainty.
Dr Muhammad Yunus, aged 84, is a distinguished economist and Nobel Peace Prize laureate. He was awarded the Nobel Peace Prize in 2006 for his innovative work in microcredit, which has provided financial support to impoverished individuals, particularly women. His creation of the Grameen Bank, which offers collateral-free loans, was instrumental in this achievement.
Born in 1940 in Chittagong, Bangladesh, Yunus pursued higher education in economics with a Fulbright scholarship at Vanderbilt University, obtaining his PhD in 1969. He then served as an assistant professor of economics at Middle Tennessee State University. His major contribution to economic development is the establishment of the Grameen Bank, which has transformed the lives of millions through its microfinance initiatives.
In addition to his Nobel recognition, Yunus has been involved in various global advisory roles. He served on the International Advisory Group for the Fourth World Conference on Women, and has been a part of the Global Commission of Women’s Health, the Advisory Council for Sustainable Economic Development, and the UN Expert Group on Women and Finance.
Yunus ventured into Bangladeshi politics in 2007 by forming the Nagorik Shakti (Citizen Power) party, intending to run in elections amid significant political turmoil between Sheikh Hasina’s Awami League and Khaleda Zia’s Bangladesh Nationalist Party (BNP). However, his political efforts were short-lived due to a lack of support. Despite this, Yunus has been a vocal critic of Hasina’s administration.
Yunus’s career has not been without controversy. He faces over 150 legal cases, including serious allegations of corruption. A Dhaka court indicted him for embezzling more than $2 million from the workers’ welfare fund of Grameen Telecom. The charges accuse Yunus and his associates of misappropriating Taka 250 million (approximately $2 million) from the dividends of telecom company employees. These trials have faced international criticism, with prominent figures such as former US President Barack Obama condemning the legal proceedings against him.
Dr Yunus’s appointment as head of the interim government signals a pivotal moment in Bangladesh’s political and economic history, bringing both his acclaimed achievements and ongoing legal challenges into the spotlight.