Microfinance Pioneer Yunus Fired By Bangladesh Government

The government of Bangladesh has compelled Yunus from his placement at Grameen Bank. Yunus, a Nobel Peace Prize winner, is well known for his work with Grameen Bank, which lends small loans to impoverished individuals to aid them in establishing businesses and generating income. Yunus is a noted and vociferous critic of the Bangladeshi government, and some feel it’s only an intimidation tactic by the government. Source for this article – Microfinance pioneer Yunus fired by Bangladesh government by MoneyBlogNewz.

Kicking out an old Nobel Prize winner

The Bangladeshi government has compelled Muhammad Yunus from his placement at Grameen Bank, according to NPR. In 2006, Muhammad Yunus won the Nobel Peace prize. Grameen Bank by Bangladesh Bank, which is the Bangladesh central Bank, was where Yunus was director when ordered out of the placement. Bangladesh Bank maintains that Yunus didn’t comply with a statute that mandates Bank directors retire at age 60. Yunus is 70, but Grameen Bank was founded under a law passed in 1983 which exempts Yunus from the statute. He was given an indefinite term of office as managing director of Grameen Bank in 2000, when he reached the age of 60. Charges are being fought by Grameen. Yunus nevertheless has the job right now.

Ongoing feud between microcredit icon and government

The Bangladeshi government and Yunus have been embroiled in a feud for years. Government officials said that the Grameen small loans to the poor are like “sucking the blood from the poor,” while Yunus says the government is corrupt. There was a time that Yunus tried to get his own political party started. This failed in 2007 though. There were improper funds transferring accusations towards Grameen Bank, reports the New York Times. Now, Grameen Bank has been on the bad side of officials trying to destroy it. All funds were redeposited after Grameen transferred donations from the Norwegian government straight to a Grameen affiliate without the Norwegian government finding out about it. This amount was for $100 million.

Bank known for microfinance loans

Due to the microfinance loans used to fight poverty across the world, Muhammad Yunus and Grameen Bank have been really popular. Industries are started by poor people getting loans from Grameen Bank. These are mostly women. For instance, an extremely poor clothing maker could get a microloan for a sewing machine and fabric and set up a business and an income. Women make up 97 percent of Grameen’s borrowers, according to USA Today, and the Bank has more than $10 billion in loans. Yunus and Grameen Bank won the Nobel Peace Prize in 2006 for efforts in alleviating poverty in Bangladesh. Several microlenders in other nations have been found to be corrupt in practices doing things for instance using violence to collect payments causing criticism for the microcredit model while others suggest getting the poor into debt is a bad cycle to start.

Information from

USA Today

usatoday.com/money/world/2011-03-02-bangladesh-yunus_N.htm?loc=interstitialskip

New York Times

nytimes.com/2011/03/03/world/asia/03yunus.html

NPR

npr.org/2011/03/02/134190697/bangladesh-forces-microcredit-pioneer-from-bank

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