In a major political upheaval, Nobel Peace Prize laureate Muhammad Yunus has been proposed to head Bangladesh’s interim government, a day after Prime Minister Sheikh Hasina resigned amidst escalating unrest. Nahid Islam, a key organizer of the student protests, announced the proposal in a social media video, stating that student leaders had already discussed the role with Yunus, who agreed to take on the responsibility given the country’s current crisis.

Yunus, celebrated for his pioneering work in microlending which earned him the Nobel in 2006, has called Hasina’s resignation “the country’s second liberation day.” During Hasina’s rule, Yunus faced several corruption charges, which he claims were motivated by political vengeance. His potential leadership comes at a time when the nation is grappling with high unemployment, corruption, and climate change issues.

Hasina’s resignation followed weeks of violent protests triggered by opposition to a quota system for government jobs, which evolved into a broader challenge to her 15-year rule. The unrest culminated in violent clashes, leaving over 100 people dead and hundreds injured. Thousands of demonstrators stormed her official residence and other buildings associated with her party and family, leading to significant instability in the country.

General Waker-uz-Zaman, the military chief, announced that the military would form an interim government, and efforts were being made to restore order. President Mohammed Shahabuddin, after meeting with General Waker-uz-Zaman and opposition politicians, declared that parliament would be dissolved, and a national government would be established to lead to fresh elections.

Amid the chaos, the main opposition Bangladesh Nationalist Party (BNP) urged restraint, emphasizing that the spirit of the revolution should be maintained through due process. Tarique Rahman, the acting chairman of the BNP, called for calm, warning against taking the law into one’s own hands.

Internationally, the United Nations human rights chief, Volker Türk, emphasized that the transition of power in Bangladesh must align with international obligations and be inclusive. The UN’s call for a peaceful and lawful transition underscores the global concern over the unfolding events in Bangladesh.

The unrest has deepened economic distress in Bangladesh, with falling exports and dwindling foreign exchange reserves. General Waker-uz-Zaman assured the public that the military would investigate the crackdown that led to significant bloodshed since mid-July, promising accountability for those responsible.

The path forward remains uncertain, with the military wielding significant influence in a country that has experienced numerous coups since its independence in 1971. While Hasina’s resignation has been a pivotal moment, it remains to be seen whether it will bring an end to the turmoil or mark the beginning of a new chapter of instability.

Crowds continue to protest, ransacking buildings associated with Hasina’s government, highlighting the deep-seated frustrations within the population. As Bangladesh navigates this tumultuous period, the formation of an interim government led by Yunus could be a crucial step towards stabilizing the nation and addressing the grievances of its people.