Sheikh Hasina is the prime minister of Bangladesh, and one of the country’s leading politicians as the head of the Awami League since 1981. She spoke with The Washington Post’s Anup Kaphle in New York last month during her trip to attend the United Nations General Assembly meeting. The following is an edited transcript from the interview.
The Washington Post: Last year Bangladesh’s poverty rate dropped to 31.5 percent, from about 40 percent in 2005. Can you tell us what’s working for Bangladesh?
Sheikh Hasina: Since my last tenure we have been trying to find the root causes of poverty and how we could reduce it. We wanted to ensure food security so we put all our force into producing more food and also the distribution system so that food should first reach to the poorest of the poor. Then we tried to create job opportunities for them in the rural areas. Now our farmers can open bank accounts with 10 taka (about 13 cents), a very small amount, and the subsidy we give goes directly to the farmer. So they use this money for cultivation and also it creates job opportunity. We also established one bank to create job opportunities for the younger generation. Without any collateral, they can take out a loan from the bank to start a business. I believe that educating our people will also help to reduce the poverty level. So our education is free up to primary level (fifth grade) for everyone, and for girls it is free up to high school level.
The Washington Post: Since you brought up the microcredit initiative, let’s talk about Grameen Bank. During the first term in the late ‘90s you had praise for Mohammad Yunus and you talked about how his vision would help Bangladesh. Lately there have been controversies that you’ve fired him and you called him a loan shark?
Sheikh Hasina: I am sorry, I didn’t fire him.
The Washington Post: Local media in Bangladesh have reported that he was fired.
Sheikh Hasina: No.
The Washington Post: But you are not a fan of microcredit?
Sheikh Hasina: It’s not true. Microcredit is to help people, not to create problem for people, right? We found that it was not helping people and it was not reducing the poverty level. Rather, they were nursing poverty.
The Washington Post: Can you talk a little bit more about that? How is it nursing poverty?
Sheikh Hasina: Look, Grameen Bank is a government bank; it is not private bank. It is government statutory body, it has its own law. According to Grameen Bank law, one can remain its [managing director] up to 60 years of age but not above that. We just reminded him that it is the law, rule of the law of the country and you have to follow that. He was absolutely a government employee but he never followed any rules, regulations, nothing. Now you tell me how I can reduce his age?
The Washington Post: But when you say it is not helping to alleviate poverty but it nursing poverty, what do you mean?
Sheikh Hasina: Tell me one thing. If I give you $20,000 can you pay 40 percent interest every week?
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