Bangladesh’s economy is in a rapid nosedive, with over one million people becoming unemployed since August 5. Numerous commercial and industrial establishments are shutting down due to an acute liquidity crisis. This hampers entrepreneurs from opening Letters of Credit for importing essential raw materials and other items required for sustaining businesses.
Meanwhile, dozens of ‘buying houses’ that coordinated the procurement of readymade garments from local factories for large buyers—mostly in the United States, Britain, and EU nations—have closed their offices. This is primarily driven by mob anarchy, rampant extortion, threats, intimidation, and a hostile environment that discourages foreign nationals, particularly Indians, from remaining in the country.
Analysts warn Bangladesh is heading toward an alarming economic collapse. A significant segment of its population could face acute famine, while most of the 6.5 million workers in the country’s garments sector—a key economic backbone—risk losing their jobs. International buyers are already shifting their orders to alternative sources due to the growing influence of extremist groups like Al-Qaeda, Islamic State, Hizb Ut Tahrir and Hefazat-e-Islam. Thousands of Quranic madrassas in Bangladesh, considered breeding grounds for jihadists, further exacerbate the issue. These institutions are heavily influenced by anti-Semitism, jihadism, and Hindu hatred.
Given the troubling scenario, geopolitical analysts suggest Bangladesh, once seen as a rising economic star in Asia, is on the verge of becoming another Libya, Iraq, or Pakistan. The rise of religious extremism and state-sponsored violence may make the country a target for terrorist attacks.
On December 7, 2024, during a program on Zee News, Irshad Ahmed Khan, a leader of Pakistan’s ruling Muslim League Nawaz, publicly admitted that Pakistan is sending weapons concealed in commercial consignments via sea routes to Bangladesh to wage war against “Indian aggression”. Allegations have also surfaced that Pakistan plans to smuggle heroin, cocaine and synthetic opioids concealed within sugar consignments to Western destinations through Bangladeshi, Sri Lankan, and Indian ports.
On September 29, 2024, the Yunus regime issued a gazette notification instructing customs authorities to exclude shipments from Pakistan from mandatory inspections under the ‘National Selectivity Criteria’. This creates a glaring loophole, allowing goods arriving from Pakistan to bypass customs checks. Weeks earlier, the regime lifted provisions for post-landing inspections of consignments from Pakistan and removed mandatory security clearance for Pakistani citizens applying for Bangladeshi visas.
A classified communiqué from Bangladesh’s Ministry of Foreign Affairs reveals Bangladeshi missions have been instructed to end the requirement for security clearance for Pakistani nationals, overturning a policy enacted in February 2019. This undermines Bangladesh’s security and facilitates infiltration by Pakistani terrorists, smugglers and organised crime networks. The Yunus regime, criticised for its Islamist, jihadist, and caliphate-driven ideologies, has adopted an overtly anti-India, anti-Hindu, and pro-Pakistan stance.
The Yunus regime’s policy changes have far-reaching consequences. Members of terrorist organisations such as Lashkar-e-Taiba, Tehreek-e-Taliban Pakistan, and others now have easier access to Bangladesh, potentially infiltrating India through its porous borders.
Additionally, the policy shift benefits Pakistani narco-lords like Dawood Ibrahim’s D-Company and the Inter-Service Intelligence, enabling the smuggling of weapons, explosives, narcotics, and counterfeit Indian currency.
Muhammad Yunus, known for his close ties with figures like Bill Clinton, Hillary Clinton, and George Soros, appears to be exploiting anti-Hindu sentiment and an anti-India agenda to divert public attention from Bangladesh’s impending economic collapse. Simultaneously, he is negotiating with energy companies to secure lucrative contracts.
On December 8, 2024, George Mark Malloch Brown, the president of Open Society Foundations and a former UNDP head, held a lengthy meeting with Yunus. Brown is an advisor to the IMF and World Bank and has connections with George Soros. According to Alexander Soros, Muhammad Yunus is an ‘old friend’ of his father.
The situation may continue to deteriorate until president-elect Donald Trump assumes office on January 20, 2025. Yunus, a known critic of Trump, is increasingly nervous about potential US sanctions targeting his regime. Trump’s administration may impose punitive tariffs on Bangladeshi exports, visa restrictions, and sanctions on Yunus and his associates. Investigations into Yunus’ business ventures in the US, including ‘Grameen America’, where Hillary Clinton is involved, could further expose his activities.
Meanwhile, the Bangladesh Nationalist Party is preparing for the return of its acting chairman, Tarique Rahman, from exile. Rahman, who has been in exile since 2008, faces a life-term imprisonment verdict in the ‘10-truck arms haul’ case. The Supreme Court is expected to overturn the verdict, paving the way for Rahman’s return.
Rahman’s return poses a direct challenge to Yunus and his advisors. It could force Yunus to transfer power to the BNP through elections, undermining his regime’s grip on the country. In a desperate bid to gain international support, Yunus organised an event in Dhaka, claiming 28 EU ambassadors would participate to express solidarity with his regime. However, only 18 attended, most of whom were junior-ranking officials. They raised critical questions about the persecution of religious minorities and human rights violations, signaling waning international support for Yunus.
The catastrophic economic crisis in Bangladesh, coupled with the regime’s controversial policies, is pushing the country toward instability. Yunus’ calculated exploitation of anti-Hindu sentiment and alignment with pro-Pakistan elements have exacerbated tensions in the region. As international scrutiny increases and domestic opposition gains momentum, Yunus faces mounting challenges that could end his regime’s tenure. Bangladesh’s future now hinges on a delicate balance of domestic political developments and international interventions.
(Views are personal)
Salah Uddin Shoaib Choudhury | Internationally acclaimed multi-award-winning journalist, writer, research-scholar, and Editor, Blitz