Yunus navigating thru high hopes
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direct investment, ensuring long-term stability.
In the decades since the end of HM Ershad’s military rule in 1990, Bangladesh experienced an “economic miracle” that lifted tens of millions out of poverty, driven largely by a booming garment sector. However, since emerging from the COVID-19 pandemic, the country has suffered from high inflation, particularly in food prices, and shortages of foreign currency.
These issues are largely attributed to corruption and government mismanagement. For political reasons, Hasina’s administration was reluctant to pursue serious economic reforms. The recent unrest has only exacerbated the country’s economic problems, with garment buyers cancelling orders, which require serious and urgent attention.
POLITICAL RENEWAL
One priority for Yunus should be re-establishing the independence of the Election Commission to build confidence in the forthcoming polls with the top bosses gone. Under the former prime minister, parliament became a rubber stamp, the civil service and judiciary were highly politicised, and the media and civil society were closely controlled.
“While some of these institutions will quickly flourish in a more open environment, others will bear the scars of subordination for years to come,” the Crisis Group said in a report.
It’s a race against time for Yunus who took over on August 8 with a fledgeling team. He brought swift changes to the civil administration, police, the Rapid Action Battalion, the Detective Branch and the Directorate General of Forces Intelligence that Hasina exploited to create a culture of fear and intimidation. They enjoyed almost total impunity under Hasina’s administration. It’s a monumental task for Yunus to make sure people have confidence they will not be arrested, abducted or even killed extrajudicially for political reasons.
Yunus also faces significant challenges in navigating the evolving geopolitical landscape, especially considering the aspirations of the Bangladeshi people. The relationship with India, traditionally seen as Hasina’s strongest supporter, has been strained due to Dhaka’s push for her extradition. Although the interim government has stated that Hasina’s stay in New Delhi won’t affect bilateral relations, the changing public sentiment in Bangladesh requires careful management to maintain strategic cooperation with India and adopt a more balanced approach in foreign relations.
“In supporting her administration so staunchly despite its clear unpopularity, India has badly damaged itself in Bangladeshis’ eyes. If it now seems to be standing in the way of reform, it will only amplify anti-India sentiment, which could linger to the detriment of neighbourly relations,” the Crisis Group said.
India should instead support the interim government, and revive links with other parties too as part of a political renewal in Bangladesh.
The interim government faces numerous challenges as citizens demand justice on multiple fronts. It must prioritise addressing the grievances of those affected by Hasina’s regime, implement necessary reforms and manage a smooth political transition. The new administration, at least for now, seems focused on “managing expectations from all sides.”
The domestic political landscape is fraught with challenges, as the uprising reflects deep dissatisfaction with the current system. The interim government, recognising the urgency of the situation, has initiated dialogues with established political parties, civil society members, development partners and journalists to pursue reforms to create a more stable political environment. One key option could be the revival of the caretaker government system, which was abolished by Hasina’s administration in 2011. This system could help ensure fair and transparent elections, reducing the risk of another autocratic leader emerging.
Hasina’s departure offers a unique opportunity to move beyond the hyper-partisan, winner-take-all electoral dynamics that have harmed Bangladeshi politics for the past three decades. It’s an opportunity to undo the past wrongdoings.