Bangladesh begins again: The Economist

The Economist in its current issue ran the cover page on "Bangladesh begins again" saying despite its daunting problems, Bangladesh has advantages and in Dr Yunus, it now has a leader with moral authority.

"Bangladesh matters; it must not be allowed to fail," the internationally famous weekly said, adding, "The good news is that the economy is resilient and civil society is robust."

The article said after Sheikh Hasina was driven out by a vast display of people power on the streets of Dhaka, Bangladesh is replaced by a caretaker government, backed by the army and led by Muhammad Yunus, a Nobel peace laureate. Like him, many Bangladeshis are calling it a "second liberation", half a century after independence.'

The magazine writes: "Yet to meet the promise of the moment, Bangladesh must do more than just an ageing autocrat: it must also clean up a rotten political system. The problems are venal political dynasties and the enfeebled institutions that have failed to stand up to them. ...Sclerosis at the top has poisoned politics."

Dr Yunus should aim to hold proper elections on a reasonable timescale, but first, he will have to clean up institutions that Sheikh Hasina captured, such as the electoral authority and the courts, suggest the article.

Noting that Dr Yunus has a short time to set the country on a democratic path, the article cited his success or failure will shape the lives of 173m Bangladeshis, and influence the rivalry between China, India, Russia and the West.

"Mr Yunus faces an immensely difficult task. His priority should be to restore order and prevent waves of retributive violence, which have blighted Bangladeshi politics in the past. This means ensuring that the caretaker government, while run by technocrats, also includes representatives of the protesting students and of all political parties, including the AL," the article added.

Suggesting to Dr Yunus to work fast, it wrote the unelected caretaker government must not remain in office for too long lest it lose legitimacy or, worse; its military backers are tempted to cling to power indefinitely.

The magazine, however, cautioned that the country could fall prey to Islamist extremism, as Pakistan has. If the financial squeeze worsens, Bangladesh could become dependent on China for cheap loans and arms. That would destabilize relations with neighbouring India and could erode democracy even further.

"When it comes to the economy, the government should raise more external funding to lower the risk of a balance-of-payments panic, and press for a crucial new trade deal with the European Union. Most important, Mr Yunus must urge the political system to open itself to new ideas and leaders, reflecting the aspirations of the country's young, growing and increasingly urban population," the article said.

The magazine, however, blames India for backing strongman rule in Bangladesh but stresses that it needs to do its bit: if it wants a stable neighbourhood it should urge democratic renewal and offer financial support.