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Friday, April 17, 2026
News and Views from the Global South
The Political Economy of Bangladesh’s LDC Graduation
Bangladesh is scheduled to graduate from the least developed country (LDC) status in November this year after more than half a century. Bangladesh joined the UN club of LDCs in 1975 and consistently met all three graduation criteria – per capita Gross National Income (GNI), human asset and economic vulnerability – since 2018.
A Year of High Expectations and Frustrations
As many of you know, out of the blue, I have been called in to assist the Interim Government led by Nobel Laureate Professor Muhammad Yunus in stabilising the economy left in ruins by the fallen autocratic-kleptocratic regime that looted the banks, stole public money and robbed small investors in the capital market to siphon off billions of dollars out of the country. I had never served in a government; neither had I ever expected this opportunity. However, my UN experience and political economy understanding have been handy.
Bangladesh Economy: Turning Demographic Challenges into Opportunities
Speaking at the recent annual conference of the Bangladesh Administrative Service Association, Chief Adviser Dr Muhammad Yunus has emphasised the need to create opportunities for young people, asserting that Bangladesh’s large population is not a burden but a valuable resource.
The Year 2024: Hopes & Despairs
Thank God, we have survived another year of genocide, war, destruction and climate crisis. The passing year of 2024 has been a mixture of hope and despair. It began with some hope as the International Court of Justice (ICJ) ruled in favour of South Africa’s case against Israel for committing genocide and ordered Israel to take all measures within its power to prevent the commission of all acts within the scope of Article II of the Genocide Convention, and to take immediate and effective measures to enable the provision of urgently needed basic services and humanitarian assistance to address the adverse conditions of life faced by Palestinians in the Gaza Strip.
Bangladesh in Crisis: Which way out?
This piece is not about the crisis or the chaos that the country is now facing after successfully toppling the autocratic regime of Sheikh Hasina. Rather, it is about the crisis of confidence and social capital or trust — interlinked, nonetheless.
Climate Justice Needs Recognition of Common, but Differentiated Responsibilities
Climate justice recognizes differential impacts of climate crisis between rich and poor, women and men, and older and younger generations. The UN Secretary-General António Guterres emphasized, “as is always the case, the poor and vulnerable are the first to suffer and the worst hit.” However, all people should have the agency to live life with dignity. Thus, climate justice looks at the climate crisis through a human rights lens.
Odious Debts: What Can Bangladesh Learn from Ecuador?
Bangladesh’s White Paper committee will review foreign loan deals signed by the fallen kleptocratic regime. We recommend that it identifies and declares the loans or portions of loans that did not benefit the nation as unpayable, because they were siphoned off the country by corrupt politically powerful elites, or worse used to buy deadly weapons and surveillance equipment to oppress people. Such loans are “odious” – they stink and are detestable.
Recovering stolen assets: No weakening of resolve
The White Paper on the state of Bangladesh’s economy will include a review of “smuggled money”, according to the head of the committee, Debapriya Bhattacharya, entrusted to prepare the White Paper.
Recovering Bangladesh’s Stolen Wealth
Bangladesh bleeds as over US$3 billion drains from Bangladesh annually through offshore accounts. According to a recent report, close to US$150 billion was siphoned off the country during 15 years of kleptocratic Hasina regime’s mis-rule. Nearly US$50 billion went out of the country in the first six years (2009-2015) of the Hasina regime.
Dealing with Bangladesh’s Odious Debt
Bangladesh has become increasingly indebted since 2009. The country’s external debt stock increased from US$23.3 billion in 2008 to US$100.6 billion in December 2023 (see figure below). Thanks to the country’s mega-projects led so-called development with borrowed money under the now deposed authoritarian regime of Sheikh Hasina.
The Demise of Democracy and Human Rights Violations in Bangladesh: International Financial Institutions’ Culpability
The International Monetary Fund (IMF), World Bank and Asian Development Bank (ADB) are complicit in the gross human rights violations and death of democracy in Bangladesh. They continued to supply financial blood line to the regime, well-documented for its corruptions, human rights violations – such as forced disappearances and tortures in custody – and riggings of votes, including politicization of state institutions in its slide into autocracy. This is despite their professed commitment to transparency, accountability and good governance (IMF, World Bank, ADB).
A Bleak Future 50 Years after the New International Economic ‘Non-order’?
Fifty years ago on 1 May 1974, the Sixth Special Session of the General Assembly (April–May) adopted a revolutionary declaration and programme of action on the establishment of a New International Economic Order (NIEO) “based on equity, sovereign equality, interdependence, common interest and cooperation among all States, irrespective of their economic and social systems”. The hope was that a NIEO would “correct inequalities and redress existing injustices, make it possible to eliminate the widening gap between the developed and the developing countries and ensure steadily accelerating economic and social development and peace and justice for present and future generations”. Alas, what evolved is far from what was envisioned or called for.
Gaza Massacre and Western Hypocrisy
Israeli troops opened fire targeting the Palestinians, gathered around food aid trucks, killing at least 112 and injuring hundreds on 29 February. The massacre happened, about a month after the International Court of Justice (ICJ) ordered provisional measures for Israel to refrain from all acts under the Genocide convention. Ironically Israel was supposed to report to the Court, within one month, of all measures taken in line with its order. Israel has been emboldened by a beholden US.
‘Unbounded’ Impunity Emboldens Israel
Israel continues to reject calls for a ceasefire in Gaza and now readies itself for an assault on Rafah with a Ramadan deadline for the release of all hostages. It emphatically says, it will oppose any international attempt at creating a Palestinian State, regarded as an “unilateral recognition”. Its unrestrained bombings and ground assaults so far have resulted in close to 30,000 Palestinian deaths more than half of whom are women and children. they have brazenly ignored the International Court of Justice (ICJ) order to take all measures to prevent a plausible genocide. Many thousands are facing starvation and death even when the United Nations Security Council (UNSC) demanded unhindered aid flows to besieged Gaza. All these were possible due to Israel’s ‘unbounded’ impunity which emboldens it.
The West’s Frankenstein Moment
Israel continues to defy its strongest backer the US and its western allies in its quest to control the land from the “River to the Sea”, and in the process ethnic cleansing of the Palestinian population. Israel’s Prime Minister Benjamin Netanyahu is determined to push ahead with a ground offensive against Gaza’s southernmost town of Rafah despite mounting warnings from aid agencies and the international community that an assault on Rafah would be a catastrophe. He also snubbed the US on the latest hostage release and ceasefire deal brokered by Qatar and Egypt. The interim order of the International Court of Justice (ICJ) to take all effective measures to stop “plausible” genocide in Gaza seems irrelevant to Israel. Josep Borrell, the EU’s foreign policy chief admits that Netanyahu “doesn’t listen to anyone”.
Qur’an Burning: Rage, Ignorance and Prejudice
Qur’an burning has become a symbol of intolerance and “Islamophobia”, especially in some Western countries. Following the public burning of a Quran in front of Stockholm’s largest mosque on June 28 during the Islamic Eid al-Adha festival, a copy of the Qur’an was set on fire in the Danish capital on 24 July. Naturally, these events provoked protests from Muslims all over the world, including in Sweden and Denmark. The Swedish Prime Minister Ulf Kristersson is “extremely worried” that such protests could result in more burning of the Quran – thus creating a vicious circle – as the Swedish police received a large number of applications for anti-Islam protests.
Reserve Bank of Australia Review Fails Ordinary Australians
The Reserve Bank of Australia (RBA)’s latest interest rate hike comes before the ink of the much-awaited review of the RBA, released on 20 April, has dried. The threat of more increases to come is a clear sign of an emboldened RBA as the government accepts all of the panel’s utterly disappointing 51 recommendations.
Australia Leads Against Large Multinational Corporations’ Tax Dodging
Australia is set to become the first country or jurisdiction to require large multinational corporations (MNCs), with a global consolidated income of at least AU$1 billion, to publicly report country-by-country (CbC) tax information. The new Labor Government announced on 25 October, 2022 in its budget paper that MNC’s public CbC tax reporting will begin from 1 July, 2023. Australia’s public CbC reporting rules will apply to all companies headquartered in Australia and companies headquartered elsewhere with sufficient nexus in the country.
The Year of Debt Distress and Damaging Development Trade-Off
As the year 2022 drew to an end, the United Nations Conference on Trade and Development (UNCTAD) warned, “Developing countries face ‘impossible trade-off’ on debt”, that spiralling debt in low and middle-income countries (LMICs) has compromised their chances of sustainable development.
The Year of Inflation Exposes Dogma and Class Bias
Inflation worries topped Ipsos’s What Worries the World survey in 2022 overtaking COVID concerns. The return of inflation caught major central banks, e.g., the US Federal Reserve (Fed), Bank of England, European Central Bank “off guard”. The persistence of inflation also surprised the International Monetary Fund (IMF). The return of inflation and its persistence exposed the poverty of the economics profession, unable to agree on its causes and required policy responses. It also exposed the profession’s anti-working class biases.
Living Another Year Dangerously
2022 has been a year of great uncertainty when it seemed the world perilously reached the brink of self-destruction – be it human-induced climate change or military conflict. Welcoming 2022, we had enough reasons to be optimistic; but it was another ‘year of living dangerously’ – Tahun vivere pericoloso in the words of Soekarno, or an annus horribilis in the words of the late Queen Elizabeth.Next Page »
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