Due credit

My next thoughts were: Why not in economics? Why so late? And will our two major political leaders be gracious enough to congratulate him? Fortunately, they along with the entire nation saluted his genius.

It was always quite clear that Prof Yunus would never be given the economics prize primarily due to intellectual snobbery that refuses to recognize work as academic unless it is explained in abstract, scholarly jargon.

Who cares if the work literally affects hundreds of million? Nonetheless, the justification of the peace prize was explained eloquently by a few speakers and more importantly it recognizes the reduction and ultimate elimination of poverty as fundamental for bringing about social justice and peace.

While many have expressed the view that Prof Yunus should have received this award earlier, on deeper reflection it probably could not have come at a better time for the nation. Today, we stand again at a very difficult and important juncture in our history.

The bankruptcy of our political and bureaucratic leadership is pushing the country into un-chartered waters; the state of political confrontation may soon place us in a situation not addressed by the constitution. Yet, we see no semblance of statesmanship from either of the two major parties. We, therefore, implore the politicians to listen to the people for once and build on the present euphoria for the greater good.

Some may feel that I am being too harsh on our political leadership, but I sincerely had doubts as to whether they would be able to overcome their unsurpassable levels of pettiness to acknowledge this great day. Time and again they have demonstrated their arrogance by laying claim to all progress as theirs and theirs alone. We now hear them saying that this is a great day and honour for all Bangladeshis. Yet, do we know how cooperative they were towards Prof Yunus, Grameen Bank, and micro-credit?

Ministers and officials have repeatedly raised questions about micro-credit and interest rates. Governments have also waived rural debt for cheap populist appeal. The present government's suspicion towards one of the largest NGOs has affected their large micro-credit program, with one MP even advocating his constituents to refrain from repaying their loans. The government while owning only 6% of Grameen Bank continues to retain three seats on the board and other powers disproportionate to their shareholding. All these actions only undermine the rural financial system.

Among the large cross section of people that have questioned and impeded Prof Yunus's work, we must pay special tribute to the bureaucracy, especially the bankers. If it were not for that first group of bank officials that questioned his every step, Prof Yunus may not have been here today. Imagine if the Janata Bank branch manager in Jobra had immediately sanctioned the loans; Prof Yunus may have gone back to teaching since his intention was for the government to adopt this program.

While the overwhelming joy around the nation was almost unanimous, I saw two newspapers that had some negativity in their editorials. One of them questioned the interest rates of Grameen Bank. This type of questioning only demonstrates that publication's ignorance and complete lack of understanding of micro-credit.

When one claims the interest rates to be high, one also needs to ask in comparison to what. If it is with conventional banks, then the comparison is flawed because conventional banks do not lend to the poor. The fact of the matter is that Grameen Bank is possibly the largest, most cost effective, and efficient lending institution for the poor anywhere in the world, with the lowest comparable interest rate.

Finally, a few words on the person. Whoever has been fortunate enough to come across Prof Yunus cannot but be impressed by his intelligence, passion, leadership, and modesty. To give an idea of his simplicity, he chooses not to have an air-conditioner in his office or home and has donated all of the money from his numerous awards to Grameen. Someone who worked with him on micro-credit in the Middle East opined on BBC that many would consider Bill Clinton to be fortunate to have met Yunus and not the other way round.

Prof Yunus has single-handedly brought far more fame for the country than all our present leaders combined. It is, therefore, essential that his work and that of his co-workers be further supported and strengthened. After all, it is not everyday that you have a Nobel Prize winner in your midst.

Safi Khan works in social development.