In a conversation on the Financial Times (FT) podcast Rachman Review, Nobel Laureate Professor Muhammad Yunus shared the remarkable series of events that led to his unexpected role as the leader of the interim government. Hosted by Gideon Rachman, the podcast delved into a pivotal moment in the nation’s political history and Yunus’s reflections on the challenges he faced.
Professor Yunus recounted that the call to lead the interim government came during a critical time in Bangladesh. He was in Paris, recovering from a minor hospital procedure, and engaged in discussions about organising the Paris Olympics under a "social Olympics" vision. It was then that he received an urgent plea from student leaders.
The students, who had been at the forefront of a nationwide movement, sought Yunus’s leadership to form a government after a political vacuum emerged. Initially, Yunus resisted, explaining that he was not suited for such a role and encouraging them to find someone more experienced. However, the students persisted, emphasising that no suitable alternative could be found and appealing to Yunus’s sense of duty.
“I was watching the news every day about the situation in Bangladesh,” Yunus shared. “I saw the sacrifices these young people made, the bloodshed, and their unwavering determination. I finally said, ‘If you’ve done all this, maybe I should do something against my wishes.’”
The pace of events that followed was astonishing. Before Yunus could process his decision, news of his appointment spread. “I first heard it from a nurse in the hospital who congratulated me as the Prime Minister of Bangladesh,” Yunus recalled with a mix of surprise and disbelief.
Yunus said, “Two hours later, a nurse from the hospital comes with a bouquet to present to me. I said, what is this for? She said you are the prime minister of Bangladesh, we didn’t know that. I said, I just talked to these kids. I said, how do you know? She said it’s all over the press, all over television. They’re saying that you are the prime minister. I said, oh my god, I’ve heard this news from you. Nobody told me yet. Two hours later, the head of the hospital comes with the board, people with more bouquet greet me, you are the new prime minister. Hospital says you cannot leave until afternoon. So I told the hospital director, now that he is here, they said they are insisting that I have to go. Can you prepare me so that I can travel? He said, of course, you are the prime minister. I have to obey you. So we’ll make all the preparations so that you can go safely and give you medication and everything with you. And I think we can make it. And I’ll be in touch.”
“And a few hours later, when morning came, the big detachment of French army came to take me to the airport. And I said, my God, what happened to me? So that is the journey that I have to take. I go to Bangladesh, entire nation waiting for my plane to come. It was a commercial flight. So then they get a new government. So I have to address the nation right at the airport, asking for patience, peace, unity and all those kind of things. So that was the beginning of the whole story,” he recounted.
Yunus was immediately tasked with forming a government. “I had no cabinet, no team, nothing,” he said. “It was a race against time to identify people who could take on these critical roles.” Within hours, he was sworn in alongside his newly formed cabinet and began addressing the country’s most pressing issues.
One of the biggest challenges facing Yunus was the state of Bangladesh’s economy, which he described as “devastated and plundered.” Corruption had drained the banking sector, with powerful individuals exploiting the system for personal gain. Yunus explained, “Banks were emptied. Loans were given to friends without any expectation of repayment. Over $17 billion was siphoned from the system, leaving the economy in ruins.”
Despite the grim situation, Yunus took immediate steps to stabilise the economy. He focused on restoring confidence in the banking sector, revitalising the garment industry, and encouraging remittance inflows from Bangladeshis abroad. The garment sector, which accounted for a significant portion of the country’s export earnings, was a critical concern. Yunus worked to reassure international buyers and ensure factories continued operating.
“Fortunately, remittances began to increase, providing us with some breathing room,” he noted. “It was a lifeline that helped us manage outstanding payments and keep the economy afloat.”
The podcast highlighted Yunus’s deep commitment to public service and his belief in the power of collective action. His story serves as a testament to the resilience of the Bangladeshi people and the transformative potential of leadership grounded in integrity and compassion.
As Yunus reflected, “It was not a path I chose, but it was one I had to walk. The sacrifices of the young people who called on me to lead inspired me to do my part, even when it seemed impossible.”
