Understanding the student movement and the roads ahead

Bangladesh needs an extraordinary leader to lead the nation. Is Yunus the one Bangladesh is looking for right now? 

Muhammad Yunus’ courageous decision to assume the role of Chief Adviser to the interim government of Bangladesh came as a beacon of hope in the intense aftermath of the student revolution. 

Yunus' unparalleled global reputation, earned through his pioneering work in microcredit, is a significant asset for Bangladesh. His innovative approach of providing small loans to the poor, especially women, without collateral has empowered millions of impoverished communities to start businesses, improve their living standards, and break free from the shackles of poverty.

In 2006, Professor Yunus and Grameen Bank were honoured with the Nobel Peace Prize for their relentless efforts in creating economic and social development from the grassroots. This prestigious award not only elevated his global profile but also underscored the profound impact of his work on peace and poverty reduction, instilling hope and optimism worldwide.

He also championed the concept of social business, which focuses on solving social problems through business practices rather than maximizing profits. His book "Create a World Without Poverty" outlines the concept and has empowered entrepreneurs worldwide to pursue business models that prioritize social good.

Muhammad Yunus is also a prominent author and speaker, using his platform for poverty alleviation, economic empowerment, and social innovation. Even after resigning from Grameen Bank, Yunus is actively involved in various philanthropic and advocacy efforts focusing on climate change, youth entrepreneurship, and sustainable development.

Yunus's "Three Zeros" model is a visionary framework for achieving a world free of poverty, unemployment, and environmental degradation. This model is part of his broader vision for a new kind of capitalism that serves humanity's needs rather than just profit.

However, the micro-credit policy has also been central to several controversies. Some critics have accused Grameen Bank of charging high interest rates on microloans, which they argue can trap borrowers in cycles of debt. Although the bank has defended its interest rates as necessary to cover operating costs, the issue has raised concerns about the sustainability and ethics of microfinance. There have been reports of some borrowers falling into debt cycles, taking out new loans to pay off existing ones. 

While this issue is not unique to Grameen Bank, it has been part of broader criticisms of the microfinance model, including the practices of Grameen Bank. Moreover, micro-credit is also blamed for extending capitalism in developing countries with Western European capital investment, such as Bangladesh, in the rising moment of globalization and neoliberalism.  

Despite this Yunus has an undeniable pedigree that suggests him to be a good leader, mentor, humanitarian, and globally recognized person. Still, he must know that ruling Bangladesh is a challenging task. 

So, I, or scholars or political analysts, do not know yet if the current interim government team will be able to fulfil the mountain-high expectations of the people of Bangladesh; only time will tell. But he must remember that running an NGO differs from running a state. 

Essential points that Yunus and his team must consider are:

1. All the students and other citizens of Bangladesh who were martyred and injured in the July 2024 student movement should be adequately enlisted, and proper financial assistance should be provided along with the construction of memorials to the honoured martyrs of the July 2024 student movement in Bangladesh; 
2. Opening all educational institutions as soon as possible for students to continue their studies and complete their examinations;
3. The economic sector should be given a top priority to ensure that all manufacturing sectors and factories are operational and protected from potential harm;
4. It is crucial to reestablish foreign relations with all countries, as this will contribute to Bangladesh's global standing and economic growth;
5. Bring all embezzlers and criminals to justice as soon as possible to establish social justice in Bangladesh; 
6. Re-establishing the chain of command in Bangladesh, which has been destroyed; 
7. Yunus should re-establish a good relationship with all the donor countries, mainly with the World Bank, IMF, ADB and other international financial institutions, to get more financial loans at very reasonable interest to build institutions and organizations where millions of youth groups can get jobs. The country's economy will prosper dramatically;
8. It is also essential for Yunus to work with the Bangladesh business associations to expedite the trade, commerce and business in Bangladesh with the highest priority;
9. Yunus has had a good relationship with the US and European Unions, so he should try to get more benefits for our garment exports to those countries. Mainly, he should work to restore GSP for the USA markets; 
10. Most importantly, continuing a smooth bilateral relationship with India is vital as it is a global economic country. For cultural, economic, regional and international peace and security purposes, it is unparallel the stable relationship between India and Bangladesh; 
11. Impartial administrative officers must be allowed to work in government institutions. Establishing a special commission to control corruption, with strict penalties for any political or public service officials found guilty, is a step towards ensuring transparency and fairness. Political recruitment should be halted in any organization to foster a culture of meritocracy in the workplace. The role of the interim government in addressing these issues is crucial and should provide reassurance to the people of Bangladesh. Appointing the right person to the place to run the institutions efficiently. Appoint educated and with leadership quality cohorts in different offices, as followed by the redundancy policy, who are aged and incapable of serving the public institutions adequately;
12. Build a monitoring cell with the young dedicated to each important department to monitor whether those institutions are free from nepotism and corruption;
13. Most importantly, it is also crucial that the interim government create a series of dialogues with the political parties in Bangladesh to provide a clear roadmap for the next national parliament elections; 
14. If possible, with the consultation of the major political parties, mainly BNP, it is also to be urged to stop student politics in the education institutions for a specific time so that a proper education atmosphere is created for the students and finally, 
15. The interim government should set an example of not taking advantage of all the extra privileges of the state and giving up living in luxury houses and using luxury cars. All the advisers of the interim government are well established in their professions, so they should refrain from taking advantage to save the taxes of the people of the poor countries. 

Remember, their job is to repair the state.

Finally, it is crucial to understand that we must work together to see a better Bangladesh in the future. Without sustainable democracy and social justice, the state will face repeated revolutions, which is unsuitable for the state we all should embrace.  

ASM Anam Ullah (PhD) is an Australian academic, human rights activist, political analyst, and OHS and industrial relations expert. Read Part1; Part 2; Part 3.