Nobel Peace Prize laureate Muhammad Yunus was sworn in on Thursday (August 8) to officially take over as the head of the interim government of Bangladesh. The country’s weeks-long protests forced Prime Minister Sheikh Hasina to resign and flee to neighboring India.
According to Reuters, Yunus, known as the “banker to the poor,” is a pioneer of the global microcredit movement. The Grameen Bank he founded has helped millions of rural poor who couldn’t access traditional bank loans by providing small loans, leading him to win the Nobel Peace Prize in 2006.
As the chief advisor of the transitional government, his mission is to restore stability to a country that has experienced some of the most severe violent incidents in decades and then hold new parliamentary elections.
“The cruel and dictatorial regime is no more,” Yunus declared in a televised address to the nation after taking office. “Tomorrow, as the sun rises, democracy, justice, human rights, and full freedom of expression, regardless of party affiliations, will be enjoyed by all. That is our goal.”
At 84 years old, Yunus has been a vocal critic of Hasina. In January this year, he was sentenced to six months in jail for violating labor laws and went to France for medical treatment during his bail period. An arbitration court in Bangladesh overturned his charges on Wednesday.
Earlier on Thursday, Yunus returned to the capital Dhaka from Paris. Emotionally charged, he mentioned a student at the airport, seemingly holding back tears, saying the student was shot dead during the protests, and his sacrifice must not be forgotten.
After Hasina abruptly resigned and fled to India on Monday (August 5), the student leader leading the revolution, Junaid Ahmed, suggested Yunus lead the transitional government. This proposal received support from the Bangladeshi armed forces and President Mohammed Shahabuddin.
Following Hasina’s departure, many Indian residences, temples, and businesses were vandalized. Hundreds of people from minority ethnic communities in Bangladesh attempted to flee to India this week but were unsuccessful. The Bangladesh Hindu-Buddhist-Christian Unity Council reported that a teacher was killed, and 45 others were injured.
Yunus’ swearing-in fills the power vacuum in this South Asian country with a population of 170 million, the world’s fourth-largest Muslim population.
President Shahabuddin held a brief ceremony at the presidential palace, overseeing Yunus and 13 advisors who helped him take the oath of office.
Officials mentioned Nahid Islam and Asif Mahmud, two student leaders in their twenties who led the protests, joined the interim government advisory panel.
A minute of silence was observed at the start of the inauguration ceremony to mourn the hundreds who lost their lives in the protests and conflicts that erupted in July.
The Bangladeshi military played a crucial role at the end of the crisis by conveying to Hasina that the army wouldn’t shoot civilians to enforce the curfew announced on Sunday, which determined her fate.
Members of Hasina’s Awami League party did not appear in the temporary government. Her son, Sajeeb Wazed Joy, posted on Facebook that the party has not given up and is prepared to hold talks with the opposition and the interim government.
The main opposition party, the Bangladesh Nationalist Party (BNP), boycotted two national elections after its leaders were arrested and demanded a new election within three months.
Hasina is currently in the New Delhi area seeking refuge. Yunus stated that this development has sparked anger among some Bangladeshis towards India. The Indian Ministry of External Affairs stated that there is no latest information on Hasina’s travel plans, which she will “drive forward.”
These two neighboring countries have long-standing cultural and commercial ties.
Indian Prime Minister Modi congratulated Yunus and stated that New Delhi is committed to cooperating with Dhaka to realize the “common aspirations” of peace, security, and development for both countries.
He said, “We hope for a return to normalcy soon, ensuring the safety and protection of Hindus and all other minority community in Bangladesh.”
The movement to oust Hasina led by student leaders stemmed from protests against government job quotas that escalated sharply in July, triggering violent crackdowns that drew global criticism. The government denied the use of excessive force.
Bangladesh has faced high inflation, high unemployment, and shrinking reserves after the COVID-19 pandemic. The current severe economic conditions and political repression have exacerbated dissatisfaction among protesters towards the Hasina government.