comments grameen

[chris macrae]

Dhaka Forecloses the Grameen Brand wall street journal aug 2011

Bangladesh's government is taking over the pioneering microfinance bank, just as its founder feared..
 
 
. The two national parties treat country as their personal fiefdom and play out their destructive rivalry as if the people and national assets are mere pawns. As a member of a Microfinance Company based out of the United States, Mr. Yunus has been a revered figure in my world. One cannot talk about Microfinance without talking about Mr. Yunus and his work. Mr. Yunus took a chance on the forgotten - about 4 billion out of total world population of over 7 billion – and made all of who believe in positive change that the poor are just like rest of us. They too aspire to achieve a base level of quality of life; they too can be trusted and; they too can contribute to the overall well being of the planet we all share. The only transformative concept that has ever come out of Bangladesh is Microfinance. This has been the crowning achievement of a nation that itself has been forgotten. It is so sad to watch the destruction of a national treasure.




This is the case of a vindictive prime minister and her Harvard educated son who cannot stand the thought that any one can outshine their family legacy. She is single minded in her desire to destroy Dr. Yunus and her dictatorial authoritative style, which got reinforced during the Army backed government's ill-fated attempt to banish her from BD politics, ascertains that no one in her government has the courage to disagree with this foolish vendetta at all costs that is alienating many governments and creating a bad image for the country and for potential investors. She is completely undeterred by the fall-out, supremely confident and cocky about not facing any political fall out . When she gets hounded out of office, she will latch on to some conspiracy theories to explain the electoral debacle like she did in 2001 and not see any connection with her foolishness. 
 
 
 
Why this country's perliament is so so corrupt? Have some backbone. While whole world praise Prof Yunus, we're out to remove his success .




The current Prime Minister is a vindictive lady. She has run the country for last few years like a dictator. Declared her father the "Father of the Nation". If a poll is taken, the general public will disagree with this. She cannot stand anyone in Bangladesh that could outshine her family. She is bent on crushing good positive opponent of her reckless leadership with a bunch of cronies towing her.




Dear Mr. William,

I fully respect Dr. Yunus and GB contribution to the rural economy of Bangladesh. As a young citizen I admire him very much. However, we also have to admit the fact that a person cannot head the organization forever and rather GB as an institution should be able to run without him. I condemn heavily your article on Bangladesh internal affairs. This is to let you know that Bangladesh is not a foreign aid dependent country. You have no right to urge the US and European Union to pressurize Bangladesh on bilateral issue over a person. Bangladesh Supreme Court has ruled against Dr. Yunus's appeal to retain his position as the head of GB. So it is better we stick to that. 
If you direct your time and resources to stop your own country's Human Rights abuses around the world, that would be helpful.




Mr. Fuad, your information regarding the foreign aid is not correct. As per Bangladesh Bank's latest information, in the last fiscal year the Govt. received $ 1.8 Billion Foreign aid. The governments outstanding external debt as of end of June is $ 21.5 Billion, which is around 20% of the GDP. (Ref# http://www.bangladesh-bank.org/econdata/debtserv.php). So, your statement that Bangladesh is not a self dependent country is baseless.
  
 
 
Mr Saikh, Foreign aid and External debt are not the same thing. Bangladesh has a good credit rating BB- by S&P showing positive creditworthiness of our country. Bangladesh has never failed in repaying principal and interest to the international lenders. External debt of 20% of GDP is a healthy figure when the economy is growing at 6% for last 5 years, showing good internal revenue generation capabilities thanks to strong domestic demand. Please note that many economies around the world had debts of around 100% or more of GDP and they are now struggling.

Bangladesh reduced its foreign aid dependency to 2% in 2010 for its annual budget compared 85% in 1988, something we should be proud of. We do not have to depend on food aid which is common in African economies, again something to be proud of.

When a foreign national says that he urges other nations to stop aid flow to Bangladesh, I like many others can proudly say that we do not them. As a country we should uphold our dignity.
 
 
 
Mr. Fuad! I do understand the difference between Foreign Aid & External Debt. I have also provided you the figures from the government sources. You have argued that Bangladesh is not a Foreign Aid dependent country. But we can see that $ 1.8 Billion was received by the Govt. in FY11 as foreign aid. In fact $ 87 Million was Food Aid.

External debt of 20% is of course high. A 5-10% debt repayment is accepted all over the world.

Yes, I do agree with you that no one should urge in such a way like Milam did. However, we should not accept the fascist steps the current Govt is taking. We typically overlook the past that fascism can’t stand-alone against citizen’s inborn willpower! When GB or Prof Yunus is attacked with such an ill motive, we feel humiliated as well.




Of course, we can see Bangladesh has received foreign aids. Generally, all the economies around the world receive aids. My question to you is :Does foreign aid amounting 2% of GDP means Bangladesh economy depend on Foreign Aid??
 
 
 
 
 
"Many suspect that the root of the problem is that, when Bangladesh was under a military caretaker government in 2007, Mr. Yunus's name was briefly put forward in 2007 as a possible leader of a "third force" to replace the two dysfunctional major political parties led by Ms. Hasina and Khaleda Zia."------- Why Mr. Milam is so passive in writing the facts. Mr. Yunus was definite at that time to float a party. He personally made statements, published open letters and sought public opinion by sms. Accordingly he got the pulse from the general people in several ways.

Forming party under military cap was easier than looking the damage he made in his career. I assume before making such decision he took advise from his good friends in abroad and wrong friends in country. What did they advise at that time? Thanks God, finally he himself announce his withdrawal from such venture. His entry and departure was greatly visible to all. The honourable author could have elaborated these further.

It is also certain that160 mil people of Bangladesh are not ready to sacrifice their lives for Mr. Yunus. But it is becoming gradually evident that good friends of laureate are not ready to spare 160 mil people of Bangladesh for Mr. Yunus. No reasons to appreciate this initiative of Mr. Milam.


Aha!, as a matter of fact, Global leaders and the some intellectuals for many years has swayed by Dr. Yunus micro-credit campaign and its "innovation" that they even forgot that Grameen was established by military ordinance as a separate "statutory public" institution in 1983 financed by the government of Bangladesh with 75% state share, and Dr. Yunus was made Managing director of the bank, as he had been overseeing the Grameen micro-project of Bangladesh Bank when took leave from his job from the university of Chittagong. Subsequently, the state share was reduced to 25% by simply writing it off by the military government. In 1990, as the military dictator regime ended, Grameen has come under public criticism but since it has not only survived because of his global network of power but also flourish illegally (I mean 54 subsidiary organizations he opened with the Grammen. The Grammen bank has turned to private interest of Dr. Yunus. Notably, in 2007 Dr. Yunus attempted to take state power with support of the military. NOW THIS? Is he a "noble man,”? The people of Bangladesh beg to differ with the world leaders.
:
.

You know, Dr. Yunus is a respectable person there is no doubt. Also it has to be understood, his Nobel prise is for Peace not for Economics. He claims his contribution is on economics, then why the nobel prise is on Peace. And Grameen bank is absolutely a Bangladeshi bank and its normal Bangladesh government should exercise its regulations to make that bank absolutely Bangladeshi. Grameen bank is not the only bank dealing with these micro-credits in Bangladesh right now ... there is so many ... You know I dont want to disrespect Dr. Yunus, and my soul believe is that Dr. Yunus's contribution will not die .... Bangladesh might be a small country and deserve the honour to survive ... I am not a Government employee or a political worker ... As a general simple Bangladeshi I feel that what ever Bangladesh government is doing it has to be done many years before. ... Also I feel corruption is not only in Government employees, but its widespread ... Thanks everyone.


.. .

Thanks a lot for writing this wonderful piece of article regarding Prof. Yunus & Grameen Bank, Mr. William B Milam. The government has successfully spread misconception regarding Grameen Bank and Prof Younus. The prime minister in her own statement mentioned a 35-45% interest rate charged by Grameen Bank, which is actually below 20%. Infact, GB charges the lowest interest rate among the Bangladeshi Micro financial institutions. She has also labeled Prof Yunus as a 'Blood sucker'! Which is indeed an unfortunate behave a prime minister can show. I have personally seen lots of village women, who have empowered themselves and their society with the help of Grameen Bank. GB is not only a bank rather it has significant contribution in women empowerment and poverty alleviation.

I strongly believe that the Govt. will soon realize their mistakes and will act accordingly. It is a bank of 8.5 Million poor borrower, and the government with just 3 % of share can not intervene into it's MD selection process.

However, I do not agree with your suggestion of threatening. It is a sovereign country and I strongly believe that even Prof Yunus will never accept such move