Professor Dr. Muhammad Yunus, Chief Advisor of the interim government, has sought the assistance of European Central Bank (ECB) President Christine Lagarde to recover billions of dollars siphoned out of Bangladesh during the autocratic rule of Sheikh Hasina.
On Wednesday (January 22), Dr. Yunus met with Christine Lagarde on the sidelines of the World Economic Forum’s annual meeting in Davos, Switzerland. During the meeting, he appealed for her support in retrieving the funds.
Dr. Yunus informed Lagarde that wealthy cronies of the autocratic regime had laundered approximately $17 billion from the country’s banking sector alone. Over Sheikh Hasina's 15-year rule, an estimated $16 billion has been smuggled out of Bangladesh annually.
Describing this as a "massive heist," Dr. Yunus stated that these tycoons first seized control of banks and then defaulted on loans they had taken.
Christine Lagarde expressed her support for the interim government’s initiative to recover the laundered funds. She suggested that Bangladesh could seek the assistance of the International Monetary Fund (IMF) to facilitate the recovery and repatriation of the stolen money.
During the meeting, they also discussed the July Revolution and Bangladesh’s reform initiatives. Lagarde reiterated her support for the country’s educational institutions.
The Chief Advisor was accompanied by Lamia Morshed, the Principal Coordinator for SDG Affairs at the Chief Advisor’s Office, and Tareq Ariful Islam, Bangladesh’s Permanent Representative in Geneva.
