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Yomiuri Shimbun
4 days ago
- Business
- Yomiuri Shimbun
Head of Interim Bangladesh Govt Yunus: Election to Be Held Between Dec. 2025 and June 2026; Cotton, LNG Eyed as Bargaining Chips in Bangladesh-U.S. Trade Talks
The Yomiuri Shimbun Muhammad Yunus speaks during an interview in Tokyo on Friday. Muhammad Yunus, chief adviser of the interim government of Bangladesh, reiterated his intention to hold a general election between December this year and June next year, as calls for a December election grow. Yunus also called for more investment from 'technology-oriented industries' to help the country's development, in an interview with The Japan News on Friday. Last year in Bangladesh, student-led anti-government protests grew as a result of dissatisfaction with then Prime Minister Sheikh Hasina's iron fist rule, leading her to flee the country. The student group that led the demonstrations proposed that Yunus, founder of Grameen Bank and 2006 Nobel Peace Prize laureate, become head of the interim government. He accepted. Hasina had been prime minister since 2009. 'We had a terrible experience for over 16 years of corruption, massive amount of mismanagement and misrule,' said Yunus during the interview in Tokyo. 'And then we have to fix all these things.' He stressed the interim government needs to promote political and electoral reforms before a general election so that 'the country doesn't slip back again in the same old way.' Yunus said, 'We are [a] nonpolitical government, so [a] political government through elections should come and take the responsibility.' At the same time, he pointed out that there are certain timing issues, such as 'how much time you allocate for reform so that you can hold the election.' He said the general election will be held 'between December and June.' 'We can hold [an] election maybe, if you have less reform, by December of this year, and if you want to do more reform a little bit, then maximum June of next year,' he said. He has been in talks with political parties to hold a general election, but he does not intend to run, and said, 'I go back to my work' after the election. He emphasized the importance of Japan's support for rebuilding the country. 'After this terrible 16 years of mismanagement and corruption, everything went destroyed, damaged,' Yunus said. 'We need enormous support from Japan, and Japan has been responding very generously.' He said his country needs 'technology-oriented industries' like vehicle assembly plants. While he praised that the garment industry has propelled the Bangladeshi economy and helped it become one of the largest exporters of garments in the world, he said, 'We are so focused on the garment, we didn't pay attention to other things.' Among its population of about 170 million, the country has many young workers. Yunus said, 'You can bring all your investment here, set up your factory here, you'll have no problem with cheap labor.' 'We are inviting to produce anything from technology-oriented industries, assembly plants, any kind of assembly that China has been doing for the rest of the world,' he added. U.S. eyes more cotton exports Bangladesh, which exports a large amount of garment products to the United States, faces a 37% 'reciprocal tariff' imposed by the administration of U.S. President Donald Trump. Yunus said, 'We are looking for ways [on] how to see this as an opportunity, how to minimize any dislocation in our economy and all the future economies, so that it's not disrupted.' He said his country has been negotiating with U.S. officials, who advised Bangladesh to increase such imports from the United States as cotton and liquefied natural gas. 'What happens if you start buying from [the U.S.]? Will that ease that problem? We are looking for the packaging of the trade between the U.S. and Bangladesh,' Yunus said. 'We are hopeful that we'll find a solution to this.' After Trump returned to the presidency, the United States cut aid programs through the U.S. Agency for International Development (USAID), resulting in the suffering of Rohingya people living in refugee camps in Bangladesh. Yunus said Bangladesh has been trying to secure funds for the refugee camps from other countries. 'Since [the] USAID program has been stopped, we are looking for other countries' support like Japan, European countries – [the] European Union particularly – to replenish that so that people don't have to suffer … They are very supportive,' he said. Meanwhile, the United Nations has proposed to support Rohingya people in Myanmar through the border with Bangladesh. Yunus said: 'In principle, we said yes. In a kind of humanitarian situation where people are dying, if you want to take some goods from [the] Bangladesh side to [the] other side, I don't think Bangladesh will mind.' Yunus visited Japan to attend a forum and to meet Prime Minister Shigeru Ishiba.
India Today
5 days ago
- Business
- India Today
As Yunus fiddles, Bangladesh slides, his Grameen family soars
Bangladesh's economy might be gasping for fresh air right now, but it seems the country has a Donald Trump-like business-minded leader at the helm. Several companies of the Muhammad Yunus-founded Grameen Family of Organisations have secured permits and tax exemptions since the interim government led by its patriarch came to power in August 2024. Though none of the approvals are illegal, they raise serious concerns about conflict of interest. Even some appointments by Yunus have raised nepotism who now resides in the government guest house Jamuna, might find a parallel with the present White House occupant. Trump has mixed business with politics and pleasure, and his close family has a 60% stake in World Liberty Financial, a crypto firm that is cutting deals and triggering the chief adviser to the interim government, Yunus is the de facto prime minister of Bangladesh. The Yunus-led set-up took over in August 2024 after Prime Minister Sheikh Hasina was forced into exile after a students' anti-reservation protest ended up toppling her regime. The Hasina government had become synonymous with state-enforced disappearances, torture, killings and rampant corruption. Yunus seems to be maintaining some continuity from the previous regime, at least when it comes to business operations. Here's a ahead for the establishment of Grameen licence for Grameen Employment for Grameen Telecom mobile government's stake in Grameen Bank was cut to 10% from 25%.Tax-exemption status of Grameen Bank be fair, it must be stated that the Grameen companies had applied for these now-approved permits during the Sheikh Hasina government. The former government might have acted vindictively and held back these approvals, given Hasina and Yunus had a strained has had a running feud with Yunus, a Nobel laureate, since the 1/11 plan -- which was meant to bar her and BNP's Khaleda Zia from politics -- was exposed. Yunus was believed to have been planned as the replacement the rush to grant the permits and tax-exemption status has been questioned. People are questioning why they couldn't wait to be approved by an elected government, which, going by Yunus-asserted timeline, should be in place by mid-2026.'Grameen venture clearances create conflict of interests' -- New Age, a Dhaka-based newspaper, headlined an opinion on the the clearances, the New Age opined, "But all this having happened at a time when he [Yunus] needs to establish the just rights of people and remove obstacles to all that curbs the just rights has created a conflict of interests involving him".PRIVATE INVESTMENT IN BANGLADESH AT 5-YEAR LOWThe good times for Yunus' companies come even as Bangladesh's economy investment in Bangladesh hit a 5-year low, according to data released by the Bangladesh Bureau of Statistics on Tuesday. This will impact job creation in a country already hit by high loss of business confidence comes amid a liquidity crunch, falling Bangladeshi taka that makes imports costlier, inconsistent energy supplies and macroeconomic of the big promises of Yunus and his advisers was to bring in huge foreign direct investment (FDI), which they failed to deliver. In January, FDI into Bangladesh hit a 6-year the early post-Hasina phase, Bangladesh's economy is struggling, even as Grameen companies continue to TIMES FOR GRAMEEN UNIVERSITY, GRAMEEN EMPLOYMENT SERVICESThe Yunus-led interim government approved the setting up of the Grameen University on March private university will operate under the Grameen Trust, founded by Yunus, according to the Dhaka is the first private university to be granted approval by the Yunus-led interim government, according to Bangladesh more interesting is the human resource-export licence to Grameen Employment Services. The company will be sending Bangladeshis for jobs to foreign countries, including Hasina government capped the number of licenced agencies that can recruit and send Bangladeshis abroad. This, according to Bangladeshi sources, ended up creating a ruling the game, these agencies asked for huge fees, which, at times, were impractical and unjustified because of the salaries earned abroad, Bangladesh experts told India Today Digital. This even led to human trafficking and crimes by Bangladeshis of cracking down on the cartel, the Yunus government boosted it with the licence to Grameen Employment Services, the experts TELECOM WALLET SERVICES AND TAX RELIEF TO GRAMEEN BANKIn January, Samadhan Services Limited, a concern of Grameen Telecom, was authorised to operate a mobile wallet service, reported Dhaka-based daily, The Daily Telecom had applied for the licence in 2009, but the approval was delayed by the Hasina government, according to a report in Dainik mobile-wallet licence is being seen as a lucrative business award for a company of the Yunus-founded Grameen interim government has also reinstated the five-year tax exemption status for Grameen Bank until the Grameen Bank is dressed as an NGO, it behaves and operates like a corporate than the tax relief, the interim government also reduced the Bangladesh government's stake in Grameen Bank from 25% to 10%, thus benefiting some officials have said that Yunus didn't benefit from any of these deals as his direct association with the entities ended in the assertions, the approvals and benefits to companies of the Grameen Family of Organisations are being questioned by Bangladeshis."Dr Yunus has shown little respect for the rule of law. Increasingly, his actions mirror those of Sheikh Hasina, leading the country down an uncertain and troubling path. Awarding licences to his own ventures like Grameen Digital Wallet and Grameen Manpower not only reveals a serious conflict of interest, but also raises ethical and contractual concerns," wrote US-based Bangladeshi physicist Muazzam Kazi on compared to the Hasina regime, which has been branded 'fascist', would be the last objective of the Yunus APPOINTMENTS RAISE STINK OF NEPOTISMLike Trump didn't wince a bit when appointing son-in-law Jared Kushner the White House adviser in his first term, Yunus too has blatantly appointed his nephew to his official media Yunus government in March appointed Apurba Jahangir, his nephew, as the Deputy Press Secretary to the Chief Adviser. Critics alleged nepotism, pointing to Jahangir having no substantial experience in media or public relations but getting the appointment of Nurjahan Begum, former Grameen Bank acting managing director, as the Health and Family Welfare Adviser in the Yunus Cabinet also came in for severe criticism."Nurjahan Begum is one of the earliest associates of Professor Muhammad Yunus during the establishment of Grameen Bank," wrote the Dhaka Tribune while profiling the members of the interim sources said, has been conspicuous by her absence in the might not be heading an economy as large as that of the US, but in several ways he might be the poor Bangladesh's Trump. What Yunus, a Nobel laureate, needs to realise is that he is heading an interim, not elected, government, and the hopes of millions of Bangladeshis are pinned on him. Covering himself with a shroud of doubt and controversy, like Hasina did, should be the last thing on his InMust Watch
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Business Standard
23-05-2025
- Politics
- Business Standard
Bangladesh's interim leader Md Yunus mulls resignation: What we know so far
Muhammad Yunus, Chief Adviser of Bangladesh's interim government and Nobel laureate, is reportedly considering resigning from his post, citing mounting political unrest and the failure of parties to forge a consensus. According to BBC Bangla and local media reports Yunus voiced his intention during closed-door discussions with his advisory council and political allies. Here is what is known so far. Who is Muhammad Yunus? Muhammad Yunus, a Nobel Peace Prize laureate, rose to international fame for pioneering microcredit through the Grameen Bank he founded. However, his recent role as Chief Adviser (effectively the head of the interim government) in Bangladesh is less about finance and more about navigating the country through one of its most volatile political transitions. He assumed office following the ouster of Prime Minister Sheikh Hasina 's Awami League regime in August 2024, a move that came after massive student-led protests. The military, despite being deployed during the unrest, were not able to crack down on protestors. Instead, they facilitated Hasina's safe exit. Why was Yunus chosen to lead Bangladesh? Muhammad Yunus has been serving as interim leader since August 2024. The unrest, led by groups like Students Against Discrimination (SAD), now central to the National Citizen Party (NCP), called for a neutral figure to clean up corruption and fix the electoral system. Yunus, globally respected and considered politically independent, was backed by the military and civil society as a consensus choice to lead a transitional government until a proper election could take place. Why is Yunus considering resignation now? Reports from BBC Bangla, AFP, and The Daily Star suggest Yunus is deeply frustrated by the increasing polarisation, lack of consensus among political parties, and growing protests against his advisory council. He expressed these concerns during a late-night meeting at the state guest house Jamuna, attended by key figures from the NCP including Nahid Islam, Mahfuj Alam, and Asif Mahmud Shojib Bhuyain. 'I won't be able to work unless the political parties can reach a common ground,' Yunus reportedly told NCP leader. According to Nahid Islam, Yunus feels 'held hostage' by relentless protests and factional demands, and is disheartened by aspersions cast on his government's neutrality and performance. Multiple political parties are now demanding the dismissal of some of his advisers, alleging they are aligned with specific groups such as the NCP, raising questions about the impartiality of his administration. ALSO READ | What are Bangladeshi political parties demanding? Tensions have surged in recent weeks. The Bangladesh Nationalist Party (BNP) is demanding: Elections to be held by December 2025, not 2026 as proposed. A downsized advisory council with the removal of advisers like Mahfuj Alam and Asif Mahmud Shojib. Removal of National Security Adviser Khalilur Rahman. A complete reconstitution of the Election Commission, which it accuses of bias. At the same time, the NCP, once a strong supporter of Yunus, also protested against the current EC and demanded the resignation of key advisers like Salehuddin Ahmed (Finance), Asif Nazrul (Law), and Wahiduddin Mahmud (Planning). Jamaat-e-Islami and others have backed calls for institutional reforms and trial of former Awami League leaders. Military pressure mounts on Yunus Another significant development is the apparent shift in military support. On Wednesday, Army Chief General Waker-Uz-Zaman reportedly said that elections must be held by December 2025 to restore civilian governance. 'This is only possible through an elected government, not by unelected decision-makers,' he said, according to military sources cited by The Daily Star. NCP leaders, advisers urge Yunus to remain in power At a Thursday morning advisory council meeting, Yunus reportedly voiced his desire to step down and address the nation. Advisers urged him to take a few days to reflect before making a final decision. Later that evening, he repeated his concerns during a meeting with NCP leaders. Despite attempts to reassure him, he returned to Jamuna unconvinced, with speculation intensifying on social media. Nahid Islam, in his BBC Bangla interview, indicated that Yunus feels powerless amid political infighting and no longer confident in his ability to lead reforms. However, NCP leaders continue to urge him to stay on, citing the importance of unity and national stability.
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First Post
21-05-2025
- Business
- First Post
Why China and Pakistan want Muhammad Yunus in power indefinitely
China and Pakistan back Yunus's rule and election delays to weaken India and advance their strategic interests in Bangladesh read more Muhammad Yunus , the Nobel laureate and founder of Grameen Bank, once hailed as the saviour of Bangladesh's poor, is now at the centre of an international geopolitical game. Appointed as the chief adviser to Bangladesh's interim government following Sheikh Hasina's dramatic exit in August 2024, Yunus has since transformed from a globally celebrated development icon into a power-hungry technocrat. As the chief adviser, Yunus is practically the head of the Bangladesh government with powers comparable to the prime minister, though theoretically curtailed. Constitutionally, Yunus's primary responsibility is to hold parliamentary election in Bangladesh, paving way for the return of an elected government. But Yunus has shown no intention of relinquishing control of power. STORY CONTINUES BELOW THIS AD His statements indicate that Yunus is not inclined to hold parliamentary election in Bangladesh anytime soon. He has dropped hints that it could be held in 2026. He is using this time to undertake key bilateral visits to Pakistan and China, two countries profusely interested in geopolitical gains in Bangladesh, a country that sits on the top of key Bay of Bengal basin. Incidentally, China and Pakistan have emerged as Yunus 's most ardent supporters. Both these countries are not known for their democratic credentials. Their reasons are both strategic and ideological. Both nations see Yunus's prolonged hold on power and the indefinite delay of elections as beneficial to their respective regional ambitions—particularly to counter India's influence, propagate authoritarian governance and bolster Islamist political elements in Bangladesh. China's long game in South Asia For China, Bangladesh is a crucial link in its South Asian strategy. The Belt and Road Initiative (BRI) has already seen significant investments in Bangladeshi infrastructure, including ports, railways and power plants. A democratic government might reassess or renegotiate these projects, especially if nationalist sentiment rises. Yunus, leading a technocratic interim government with no direct electoral accountability provides Beijing the perfect insurance policy. For the communist regime of Beijing, Yunus — untethered from electoral mandates — is someone who can offer practically no 'resistance to long-term strategic projects like China's Belt and Road Initiative". With Yunus delaying elections under the pretext of electoral reforms, China can rest easy knowing that its investments are secure, at least for the foreseeable future. Moreover, China has consistently opposed the spread of democratic activism along its borders. To suit the Chinese design, Yunus recently floated a tentative election timeline extending into 2026 citing the need for 'national consensus' and 'electoral reform'. Both these processes can be an endless wait for a country trained in democracy. For Beijing, such rhetoric mimics its own authoritarian governance model, which cloaks centralised control in technocratic or reformist language. STORY CONTINUES BELOW THIS AD What's in it for Pakistan Pakistan's interest in Yunus staying in power is less about infrastructure and more about ideology, regional power play and strategic depth in raising fundamentalist elements that can be used against India. Under Hasina, Bangladesh had strengthened its ties with India, particularly in counterterrorism and economic cooperation. Hasina's administration aggressively cracked down on Islamist extremists and kept Pakistan's Inter-Services Intelligence (ISI) in check. With Hasina gone, Islamabad sees a rare opportunity. Experts point out Pakistan's ISI has worked in tandem with various Islamist factions and even aligned itself with elements of the US 'deep state' to facilitate Hasina's ouster. Now, with Yunus at the helm, Pakistan is eager to tilt Dhaka's policies more toward Islamabad and away from New Delhi. This effort includes encouraging Bangladesh to adopt a more favourable stance on issues like Jammu and Kashmir and playing down India's role in the 1971 Liberation War. Notably, on the 54th Vijay Diwas (16 December), Yunus made no mention of India's role or Sheikh Mujibur Rahman's leadership, choosing instead to slam Hasina's government as the 'world's worst autocratic regime'. This calculated omission speaks volumes and aligns with Pakistan's revisionist narrative. There is another reason for Pakistan to keep a pliable 'not India-friendly' person as the Bangladesh leader. India has called Pakistan's bluff with Operation Sindoor after the Pahalgam terror attack in Jammu and Kashmir on April 22. India has concretised its counter-terror policy by announcing that any act of terror by Pakistan or outfits it has sheltered and and patronised for years as an act of war and will be responded accordingly without making a distinction between the state and non-state actors hetherto maintained in New Delhi's response. STORY CONTINUES BELOW THIS AD If Pakistan's terror policy, 'to bleed India by a thousand cuts', gets operational from the soil of Bangladesh, it might create a new dilemma for New Delhi. Terrorism observers say Pakistan has used a similar approach in the past, when outfits such as Harkat-ul-Jihad-al Islami (HuJI) carried out terror blasts in India. Islamic radicalism and Jamaat-e-Islami There is a reason for concern in the security establishment of India and other parts of the world. Bangladesh observers say that the most troubling development under the Yunus-led interim government has been the resurgence of Islamist groups — particularly Jamaat-e-Islami (JeI) — in Bangladeshi politics. JeI had been marginalised and proscribed under the Hasina government, but the interim government lifted the ban, and has shown great tolerance (if not outright support) for their return to political contests. This signals a dangerous ideological shift. Yunus has shown the political resolve to tackle these radical elements as they make a comeback in the post-Hasina vacuum. Banned terrorist groups like Hizb ut-Tahrir have begun operating openly again and extremist clerics like Mufti Jashimuddin Rahmani, affiliated with Ansarullah Bangla Team (an Al Qaeda-inspired outfit), have been released. This suggests that the interim government is either unwilling or unable to contain radical forces. Firstpost earlier reported how Yunus's administration has shown leniency toward extremists while simultaneously cracking down on minority voices. These moves reflect a judiciary increasingly biased toward Islamist narratives and against secular, democratic dissent. Jamaat's deepening influence JeI's influence is not limited to street-level radicalism. It has infiltrated state mechanisms under the Yunus administration. The Firstpost report showed how Jamaat's student wing, Islamic Chhatra Shibir (ICS), played a key role in the student agitation that led to Hasina's removal. They were also reportedly involved in attacks on minority people after Hasina fled to New Delhi for her life. These groups are not just foot soldiers; they are ideologically motivated operatives linked to the Muslim Brotherhood and similar Islamist movements in Turkey, Egypt and the Gulf states. The growing political clout of JeI is viewed by many as a stepping stone toward dismantling Bangladesh's parliamentary democracy in favour of an Islamic theocracy. Political observers cited warn that the constitutional reforms proposed under Yunus may serve precisely this goal. The Yunus-led government has formed committees to rewrite Bangladesh's legal and governance frameworks—without any electoral mandate. Critics see this as a calculated move to institutionalise religious conservatism. STORY CONTINUES BELOW THIS AD This ideological pivot serves both Pakistan and segments of the Islamist world who see Bangladesh as fertile ground for reviving political Islam. Yunus, despite his global persona as a peace-promoting economist, is increasingly being seen as a puppet of JeI and its foreign backers. BNP senses betrayal in Bangladesh's democratic transition As reported by The Daily Star, senior Bangladesh National Party (BNP) leader Mirza Fakhrul Islam Alamgir expressed concerns on Tuesday that a deliberate and coordinated effort appears to be unfolding to indefinitely postpone the national elections and deny citizens their fundamental democratic rights. He reflected on the sacrifices made by countless students and civilians in the struggle for democracy, stating that despite those efforts creating a window for positive change, the political atmosphere remains ominous and uncertain. Within the BNP, growing scepticism surrounds Yunus's intentions regarding the restoration of electoral democracy. Once optimistic about reclaiming power following the fall of the Awami League, the party now feels increasingly marginalised in the evolving political scenario. Meanwhile, a growing rift is emerging within Bangladesh's interim leadership, with tensions reportedly surfacing between Yunus and Army Chief General Waker-Uz-Zaman. According to a report by News18, General Zaman is said to be advocating for swift national elections to restore democratic governance. In contrast, Yunus seems intent on postponing the electoral process, allegedly aligning himself with factions opposed to Zaman—many of whom are seen as having close ties to foreign governments. STORY CONTINUES BELOW THIS AD Lessons from China and Pakistan Authoritarian regimes have a vested interest in supporting or tolerating similar regimes in neighbouring countries. Beijing and Islamabad both perceive democratic activism and electoral accountability as existential threats. Yunus's continued delay of elections under the guise of reform and national consensus echoes methods used by authoritarian leaders elsewhere to consolidate power. Authoritarian governments prefer technocratic regimes that can sideline messy democratic processes. A caretaker government that indefinitely postpones elections is more predictable, easier to negotiate with and less subject to public pressure. Yunus's narrative of needing time for reforms, national consensus and electoral restructuring is a tried-and-true formula for indefinite power retention. Beijing and Islamabad may not have identical reasons for wanting Yunus in power, but they converge on one point: the need to suppress democratic momentum in a region increasingly influenced by India's democratic model. India's strategic dilemma India, Bangladesh's largest neighbour, has also been it longtime ally. But with an elected government toppled, and India-friendly voices sidelined by the Yunus-led government, New Delhi is waiting for a government with popular mandate in Dhaka to redefine bilateral ties. The power vacuum created by Hasina's exit has been quickly filled by forces antithetical to India's regional vision and they seem to be looking at causing a permanent trust deficit with Bangladesh's strongest ally. By minimising India's involvement in the events of 1971, the current leadership is signalling a departure from longstanding historical accounts. This move is part of a calculated push to redefine national identity and steer the country in a new political direction. The exit of Hasina also saw a concerted effort by external powers, reportedly coordinated through Pakistan's ISI, to undermine India's influence in Bangladesh. India, on its part, has called for early elections and refrained from according a permanent legitimacy to a temporary power arrangement in Yunus's office. STORY CONTINUES BELOW THIS AD This reorientation is not just symbolic. If Bangladesh aligns more closely with Pakistan and China, it may alter the strategic balance in South Asia. A radicalised, authoritarian Bangladesh could serve, in theory, as a base for anti-India activities and even act as a corridor for Chinese influence reaching into the Bay of Bengal. There are, of course, practical and geographical challenges, which Yunus has alluded to in his remarks on India's Northeastern states, drawing sharp flak from New Delhi. Yunus's interim leadership in Bangladesh, at the same time, looks to mark more than just a temporary change in power. Behind the scenes, it reflects a strategic intervention by China and Pakistan to reshape the balance of power in South Asia. Their support for Yunus is not incidental—it serves a broader goal of undermining India's regional standing. By elevating a technocrat with connections to Islamist factions, they may quietly be embedding ideological allies in Dhaka's power structure. The continued delay in holding parliamentary election, framed as a reform effort, is effectively a tool to entrench this new order. STORY CONTINUES BELOW THIS AD Yunus, once hailed globally for his work in microfinance, has now become a convenient figurehead for external interests. As he looks to tighten his grip with minimal internal resistance and declining global scrutiny, democratic space in Bangladesh continues to shrink. For India, and for proponents of democratic norms, the implications could be significant. Some say India should be more aggressive in countering this shift instead of waiting for an elected government to come back in Dhaka. Recent punitive economic and commercial measures announced by India do signal a shift in approach.
