Muhammad Yunus sworn in as head of Bangladesh's interim government

SINGAPORE: On Thursday (8 Aug), Nobel laureate Muhammad Yunus returned to Bangladesh to lead an interim government following the resignation and departure of former Prime Minister Sheikh Hasina.

At a ceremony held at the presidential palace in Dhaka on Thursday night, Yunus, 84, was sworn in as the head of a 17-member transitional government.

President Mohammed Shahabuddin administered the oath, appointing Yunus as his chief adviser—a position equivalent to that of prime minister.

“I will uphold, support, and protect the constitution,” Yunus said during the ceremony, pledging to perform his duties “sincerely.”

Alongside Yunus, more than a dozen cabinet members, designated as advisers rather than ministers, also took the oath.

The caretaker government’s immediate goal is to restore peace and prepare for new elections.

The formation of the transitional government was announced by Army Chief Gen. Waker-uz-zaman after Sheikh Hasina fled to India.

Yunus, who was in France at the time of the announcement, returned to Bangladesh on Thursday.

He was greeted by General Waker and other high-ranking military officers, with supporters presenting him with a bouquet.

“Today is a glorious day for us,” Yunus declared at a news conference at the airport.

“Bangladesh has achieved a new victory. Bangladesh has gained a second independence,” he added.

At a news briefing, Yunus said he will focus on reestablishing order, asking for all violence to end.

“Violence is our enemy. Please refrain from creating more conflict. Stay calm and prepare to build the country,” Yunus urged.

President Shahabuddin, currently serving as a ceremonial leader, dissolved parliament on Tuesday, facilitating Yunus's leadership of the interim government.

However, the timing for new elections remains uncertain.

Yunus, an economist and banker who won the Nobel Peace Prize in 2006 for his work with microcredit through Grameen Bank, has been recognized for his efforts in poverty reduction through small loans.

On Wednesday, he was acquitted of labour law violations related to a telecommunications company he founded, for which he had previously been sentenced to six months in jail.

In his first statement since taking office, Yunus praised the students for their role in recent protests and urged for calm, emphasizing the need to avoid further violence and focus on rebuilding the country.

Sheikh Hasina’s 15-year rule ended dramatically on Monday when she fled the country following weeks of deadly protests.

Despite her efforts since early July to quell nationwide dissent, the situation escalated into severe unrest on Sunday, resulting in nearly 100 deaths and prompting her escape from Dhaka.

Yunus's appointment was applauded by former President of Singapore, Halimah Yacob, in a social media post.

Halimah Yacob Praises Yunus’s Impact on Microfinance and Empowerment Through Grameen Bank

Former President of Singapore, Halimah Yacob, expressed her admiration for Yunus in a social media post.

While she noted that she had never met Yunus personally, she highlighted his significant contributions to microfinance through Grameen Bank.

Halimah praised Yunus for his pioneering work in micro financing, which empowers impoverished individuals, particularly women, by providing them with capital to start their own businesses.

She emphasized the broader impact of Yunus's work, noting how it helps individuals improve their lives through collective action, thereby fostering economic participation beyond just the wealthy.

"The benefit is not just monetary but in learning to manage their own businesses sustainably, the beneficiaries acquire experience, confidence, self esteem and a greater control over their lives. "

She compared Yunus's approach to the principles behind union cooperatives, where low-income workers pool resources to enhance their economic conditions and benefit the common good.

"Successful union coops often serve as a powerful model to the global union movement of how labour here enhanced workers’ welfare beyond collective bargaining."