BANGLADESH NEWS
Prof Muhammad Yunus on Thursday expressed deep shock at the government's attempt to reduce the power of Grameen Bank's board and give more authority to its chairman to pick the managing director of the microcredit organisation.
In a statement, the Nobel Peace Prize winner who founded the microcredit organisation said he had always expressed his apprehension about the possibility of the government's taking over of the bank.
"Now my apprehension has started to become a reality. I am so disheartened that I am unable to express my feeling," the statement quoted the 'Banker to the Poor' as saying.
His comments came hours after the cabinet approved the proposals for amending the Grameen Bank Ordinance 1983 to reduce the power of the bank's board and give more authority to its chairman to pick the managing director of the microcredit organisation.
Earlier in the day, the cabinet in a meeting with Prime Minister Sheikh Hasina in the chair approved the proposal.
The cabinet also directed the finance ministry to inform it of the facilities that the Nobel laureate availed during his extended tenure as managing director of the bank after reaching the age of 60.
As per the direction, the finance ministry will have to verify whether those facilities were in accordance with the bank’s rules and regulations.
The cabinet also asked the finance ministry to inform it whether Prof Yunus fetched foreign currencies from abroad as 'wage earner'.
If so, the finance ministry has to inform the cabinet whether the currencies were exempted of tax, the cabinet secretary said.
Three changes will be made in the ordinance through the amendment, Cabinet Secretary M Musharraf Hossain Bhuiyan briefed reporters after the cabinet meeting.
The changes are:
1. The changes will allow the Grameen Bank chairman to form a selection committee in consultation with the board for selecting the bank’s managing director.
2. The chairman will be able to select a three-member panel for the appointment of the MD.
3. To be the MD of the Grameen Bank, the candidate must have expertise in the field of rural economy or finance or microfinance.
“The (proposed) amendment will make it easier to get the right candidate as the bank’s managing director and this will speed up the appointment,” Musharraf said.
President Zillur Rahman will soon issue an ordinance on the matter as there is no parliament session at present, he said.
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