Int’l support garnered to help reforms, growth

As Bangladesh embarks on a new journey toward freedom and democracy after the July uprising, the international support received by Prof Muhammad Yunus at the UN General Assembly is poised to significantly advance the country’s reform and growth initiatives, say foreign policy experts.
The student-led uprising and Yunus’s global fame have added unique significance to his presence at the UN General Assembly (UNGA) in New York.
Experts believe the relationship between the US and Bangladesh will enter a new phase, leading to increased investment from Western nations and other key countries following Yunus’s first ever visit to New York as head of government for the 79th UNGA session and other sideline events.
Yunus’s address at the UNGA, and meetings with global leaders, including US President Joe Biden, Canadian Prime Minister Justin Trudeau, Italian Prime Minister Giorgia Meloni, Chinese Foreign Minister Wang Yi, UN Secretary-General Antonio Guterres and heads of the World Bank, IMF, European Commission, USAID and UNDP and other relevant UN agencies signify that his interim government enjoys both political and economic support.
Following a meeting with Yunus, Ajay Banga, president of the World Bank Group, said that the World Bank will provide $3.5 billion to Bangladesh to support the interim government’s reform initiatives.
The UNGA served as a platform for the interim government to communicate to leaders from nearly 200 countries the circumstances surrounding Yunus’s appointment as head of government, the challenges it faces, and the reform initiatives he has launched.
“Prof Yunus executed this task in the best possible way,” said former Bangladesh ambassador to the US, M Humayun Kabir, also the president of the Bangladesh Enterprise Institute.
“The chief adviser ticked all the boxes. He met key personalities and touched upon all the important issues — political, economic, human rights, humanitarian, climate change — as well as regional and global matters,” he told The Daily Star.
Humayun said that Yunus’s rare meeting with the US president was particularly significant, as the latter pledged full support for the interim government’s reform initiatives.
“The US-Bangladesh relationship, which had been strained during the previous Awami League regime, has now entered a new phase.”
The initiatives aimed at improving governance across critical sectors like finance, labour, and democracy, with an emphasis on youth, align well with the values of Western democracies, the former diplomat said.
Yunus reached New York on September 23. He was scheduled to return home at 2:15am today.
During his four-day stay in New York, the chief adviser participated in some 40 big events on the sidelines of the UNGA, his Press Secretary Shafiqul Alam told UNB.
The interim government has demonstrated its political will to improving human rights by inviting a UN Fact-Finding Mission to investigate the human rights abuses that occurred during the July uprising, and by establishing an inquiry commission to probe enforced disappearances.
Yunus further conveyed to the international community that six commissions have already been formed to facilitate reforms in various sectors, with additional commissions planned. The government will implement essential political, economic, and governance reforms based on their recommendations and consultations with stakeholders before the parliamentary elections.
“We now have a strong international support base and the financial resources we need. It’s time for us to deliver,” said Humayun.
The young people had called for an end to discrimination and the establishment of social justice and democracy, emphasising that reforms must align with their expectations, he said.
SK Tawfique M Haque, a professor of political science at North South University, said warm reception for Prof Yunus from global leaders and the commitment of several billion dollars for Bangladesh will give a huge boost to both foreign and local businesses.
“We can expect increased investment in Bangladesh from Western nations,” he told The Daily Star.
Analysts noted that many foreign investors, particularly from the West, had been hesitant to investing in Bangladesh due to a lack of conducive business environment. Prof Yunus has pledged to improve labour rights and the overall business environment.
This initiative, along with the development of green industries, is crucial for Bangladesh which will lose its trade privileges upon graduating from LDC status to developing nation in 2026. Therefore, creating a competitive business environment is vital for sustaining in the post-LDC era.
“These are the areas where we need to work a lot. The international community is supportive and we must leverage that,” said Humayun.
Keeping the regional perspectives in mind, Prof Yunus met Pakistan Prime Minister Shehbaz Sharif, Nepalese Prime Minister KP Sharma Oli and Maldives President Mohamed Muizzu. While there was no meeting between Yunus and Indian Prime Minister Narendra Modi, Bangladesh Foreign Adviser Touhid Hossain met Indian External Affairs Minister S Jaishankar.
The chief adviser also held talks with UN Human Rights Chief Volker Turk, UN Refugee Agency Chief Filippo Grandi and International Criminal Court Chief Prosecutor Karim AA Khan.
“There may be a shift in Bangladesh’s Rohingya policy as Prof Yunus aligns more closely with international standards. This could encourage the international community to increase funding and renew their focus,” said Prof Tawfique.
He said that while Bangladesh’s relationship with the US has reached a new height, the country must remain cautious due to its geographical position, bordered by India and close to China.
“Socio-economic development is our priority. We will definitely uphold democracy and human rights, and avoid doing anything that could lead to a conflict with any foreign nation,” Tawfique said.
Bangladesh’s foreign relations must be rooted in mutual interest and respect, said Humayun.