In Summary
- On August 2, the cabinet of Prime Minister Sheikh Hasina Wazed approved a proposal to amend the 29-year-old law that governs the Grameen Bank so the government can bypass the bank’s board of directors and hand-pick Yunus’s successor.
- Sadly, it is occurring in a country where the government has been consistently ranked as highly corrupt. Just this past June, the World Bank cancelled $1.2 billion in financing for the much-needed Padma Bridge because of the high-level of corruption in the government.
- It is a powerful blow against an institution that has flourished and helped millions of poor people largely because it is in the hands of women.
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