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Nobel Laureate Muhammad Yunus to Lead Bangladesh Amid Political Turmoil

In a significant turn of events, Nobel laureate Muhammad Yunus, often referred to as the “banker to the poor,” has been appointed to lead an interim government in Bangladesh. This move follows the ousting of the country’s prime minister and the dissolution of parliament after weeks of intense and deadly anti-government demonstrations led by student protesters.
The announcement came from the Bangladesh president’s press secretary, confirming Yunus’s new role in the tumultuous political landscape. The student movement that played a crucial part in forcing the prime minister’s departure celebrated the news, though there are concerns about potential military intervention during this transitional period.
Yunus, currently in France for a minor medical procedure, is expected to return to Bangladesh soon to assume his new responsibilities. The Students Against Discrimination group expressed their approval, stating, “We are very delighted to say that Dr. Yunus has agreed to accept this challenge to save Bangladesh as per our students’ request.”
Who is Muhammad Yunus?
Muhammad Yunus, born in 1940 in Chittagong, Bangladesh, is a renowned economist and social entrepreneur. He studied at Dhaka University before earning a Fulbright scholarship to attend Vanderbilt University in the United States, where he obtained a Ph.D. in economics. After Bangladesh gained independence from Pakistan in 1971, Yunus returned to teach at Chittagong University.
During the devastating famine of 1974, Yunus’s perspective on economics shifted dramatically. Witnessing widespread hunger and poverty, he began providing small loans to impoverished individuals, which led to the founding of the Grameen Bank in 1983. The bank became a global model for poverty alleviation through microlending, earning Yunus and the institution the Nobel Peace Prize in 2006. Grameen Bank’s innovative approach has disbursed approximately $6 billion in loans, particularly benefiting Bangladeshi women.
Yunus’s Contentious Relationship with Former Prime Minister Hasina
Over the years, Yunus has clashed frequently with former Prime Minister Sheikh Hasina, who accused him of exploiting the poor. Despite briefly considering forming a political party in 2007, Yunus chose not to pursue this path. His removal as managing director of Grameen Bank in 2011 by Bangladesh’s government-controlled central bank, citing his age, marked the beginning of a series of legal challenges against him.
Yunus faced numerous legal battles, including defamation, food safety, and tax irregularities, all of which he denied. Earlier this year, he was sentenced to six months in prison for labor law violations and indicted on embezzlement charges. Yunus has consistently argued that these actions were politically motivated, describing them as harassment and warning that Bangladesh was on a path to becoming a “self-destructing civilization.”
In recent interviews, Yunus criticized the ruling party for turning Bangladesh into a “one-party” state, stifling political competition. With Hasina’s departure, it remains unclear what will happen to the ongoing legal prosecutions against Yunus.
As Yunus prepares to lead the interim government, the world watches to see if his leadership will bring the stability and reform that Bangladesh desperately needs.
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Russia Demands SWIFT Reconnection as Condition to Revive Black Sea Initiative
Russia has set forth a key demand for the restoration of the Black Sea Initiative—reconnecting its Agricultural Bank, Rosselkhozbank, to the SWIFT financial system. This request, which falls under the jurisdiction of the European Union (EU), comes amid ongoing negotiations between global powers on the war in Ukraine.
Partial Ceasefire and Black Sea Security Agreement
Following recent talks in Saudi Arabia, the United States announced that Russia and Ukraine had agreed to a partial ceasefire specifically covering energy facilities. While this fell short of the broader ceasefire pushed by former President Donald Trump, the parties also agreed on measures to ensure the safe navigation of commercial vessels in the Black Sea and to prevent their use for military purposes.
However, the Kremlin quickly detailed additional conditions, demanding the lifting of sanctions on food exports, fertilizers, agricultural machinery, and cargo insurance. Most notably, Russia is insisting that Rosselkhozbank and other financial institutions involved in agricultural trade be reinstated on SWIFT, a global messaging system that facilitates secure financial transactions.
EU’s Role and Sanctions History
SWIFT, headquartered in Belgium, falls under EU regulations. In response to Russia’s invasion of Ukraine, the EU removed several Russian banks from SWIFT in 2022, including Sberbank, Credit Bank of Moscow, and Rosselkhozbank. The exclusion was a significant blow to Russia’s financial system, as it restricted the country’s ability to conduct international transactions.
Rosselkhozbank, a state-owned institution, plays a critical role in facilitating payments for Russia’s agricultural exports, a major revenue source through the global sale of wheat, barley, and corn. While the EU has not directly sanctioned Russian agricultural exports, the banking restrictions have complicated payments for these transactions, leading to the collapse of the initial Black Sea Initiative brokered by Turkey and the United Nations.
Diplomatic Tensions and Uncertain Outcomes
The demand to reinstate Rosselkhozbank puts the EU in a difficult position. Granting this request could signal a willingness to make concessions, potentially encouraging Russia to seek further sanctions relief. However, refusing it could provoke tensions with the Trump administration, which is eager to secure a ceasefire.
President Volodymyr Zelenskyy has consistently opposed easing sanctions, arguing that they must remain in place until Russia ends its military aggression. European Commission President Ursula von der Leyen echoed this stance, stating that sanctions would only be lifted after Russia takes concrete steps toward peace.
As EU sanctions require unanimous renewal every six months, any member state could disrupt the process. Hungary, which has previously expressed opposition to sanctions, could leverage this situation to push for changes when restrictions are up for review on July 31.
Future of SWIFT and Global Financial Pressures
While the EU holds the power to reinstate Rosselkhozbank’s SWIFT access, the U.S. could signal leniency by ensuring that those engaging with the bank avoid legal repercussions. Analysts suggest that Russia’s demand may be a strategic move to test both Washington and Brussels, pressuring the EU to reconsider its stance on financial restrictions.
For now, the EU remains firm in its approach. France has indicated that sanctions should remain unless Russia agrees to a full ceasefire, reparations, and security guarantees for Ukraine. However, with negotiations ongoing and international pressure mounting, the debate over SWIFT and broader sanctions relief is unlikely to fade anytime soon.
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