Bangladesh Government authorities announced Tuesday that Muhammad Yunus, the 2006 Nobel Peace Prize laureate renowned for his work in microcredit markets and a well-known critic and political opponent of former Prime Minister Sheikh Hasina, will lead the country’s interim government. This significant development comes in the wake of Hasina’s resignation and subsequent flight from the country amidst a mass uprising that resulted in hundreds of fatalities.
The decision to appoint Yunus as head of the interim government was announced by Joynal Abedin, the press secretary of Bangladesh’s figurehead President Mohammed Shahabuddin. This decision followed a meeting involving the president, leaders of the activist group Students Against Discrimination, chiefs of armed forces and civil society members. The interim administration’s other members will be selected through consultations with various political parties.
Yunus gained international recognition for promoting microcredit, a method used to allocate small loans to assist individuals with low income and help them create their businesses. In 1983, he founded Grameen Bank to provide small loans to entrepreneurs typically ineligible for traditional financing, an initiative that inspired similar microfinancing efforts globally.
The friction between Yunus and Hasina’s government intensified over the years. In 2013, he was charged for allegedly receiving funds without government approval, including his Nobel Prize and book royalties. Further legal challenges emerged, involving companies he established, such as Grameen Telecom. In 2023, former Grameen Telecom employees accused Yunus of misappropriating their benefits, an allegation he contested. Earlier this year, a special court indicted Yunus and 13 others on embezzlement charges involving $2 million, to which Yunus pleaded not guilty and is currently out on bail. His supporters argue that these legal challenges stem from his strained relationship with Hasina.
Hasina’s resignation came after weeks of deadly nationwide protests calling for quota reform. These demonstrations were initially triggered by the Bangladesh High Court’s decision to reinstate a quota system, previously abolished in 2018, which reserved 30 percent of government jobs for descendants of veterans. The initial protests rapidly transformed into a widespread movement questioning the legitimacy of Hasina’s decade-and-a-half tenure. Her administration had long been tainted by accusations of systematic human rights violations, endemic corruption, electoral manipulation, and harsh suppression of dissenting voices.
The government’s violent response to the demonstrations, including an 11-day internet shutdown and the deaths of approximately 300 people in just a few weeks, only fueled the protests further. In response to the turmoil, the Bangladesh Supreme Court intervened, reducing the quota for government positions to seven percent, with five percent reserved for liberation war veterans and their descendants. However, student activists continued to protest against the government’s policies and handling of events.
The political crisis deepened when Bangladesh’s key police association announced a strike following Hasina’s ousting. In the absence of police, students have formed vigilante groups to control the capital’s congested streets, according to Aljazeera’s correspondent in Dhaka.
As Bangladesh navigates this period of political uncertainty, it’s worth noting the country’s complex history of military rule and political instability. Since gaining independence from Pakistan in 1971, Bangladesh has experienced more than 20 coups or coup attempts, underscoring the significant influence the military wields in the nation’s affairs.
