Global News Post: SAARC

Indian Prime Minister Addresses Inaugural Session of the 17th SAARC Summit

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<div align="center" class="MsoNormal" style="text-align: center;"><span class="Apple-style-span" style="font-size: small;"><i><span style="font-family: 'Trebuchet MS'; font-size: 8pt;">The Prime Minister, Dr. Manmohan Singh addressing<o:p></o:p></span></i></span></div><div align="center" class="MsoNormal" style="text-align: center;"><span class="Apple-style-span" style="font-size: small;"><i><span style="font-family: 'Trebuchet MS'; font-size: 8pt;">the inaugural session of the 17th SAARC <st1:place w:st="on"><st1:city w:st="on">Summit</st1:city></st1:place>,<o:p></o:p></span></i></span></div><div align="center" class="MsoNormal" style="text-align: center;"><span class="Apple-style-span" style="font-size: small;"><i><span style="font-family: 'Trebuchet MS'; font-size: 8pt;">at Adu Atoll in <st1:country-region w:st="on"><st1:place w:st="on">Maldives</st1:place></st1:country-region> on November 10, 2011. <o:p></o:p></span></i></span><i><span style="font-family: "Trebuchet MS"; font-size: 8.0pt;">© PIB</span></i><br />
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</tbody></table><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">The Prime Minister, Dr. Manmohan Singh, addressed the inaugural session of the seventeenth SAARC <st1:city w:st="on">Summit</st1:city> at <st1:place w:st="on"><st1:city w:st="on">Addu   City</st1:city>, <st1:country-region w:st="on">Maldives</st1:country-region></st1:place> today. While addressing the SAARC <st1:city w:st="on"><st1:place w:st="on">Summit</st1:place></st1:city>, he said:</span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">“I am delighted to be here in the <st1:country-region w:st="on"><st1:place w:st="on">Maldives</st1:place></st1:country-region> - a country of breathtaking beauty. There can be no better setting for our <st1:city w:st="on"><st1:place w:st="on">Summit</st1:place></st1:city> than this exquisite Addu Atoll. I convey our deep appreciation to the Government and people of <st1:country-region w:st="on"><st1:place w:st="on">Maldives</st1:place></st1:country-region> for the excellent arrangements and their warm hospitality. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">I wish to join my other distinguished colleagues in congratulating you, Mr. President, on your election as the Chairperson of SAARC. We look forward to your dynamic leadership of our organization. I assure you of <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region>’s full cooperation. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">I wish to thank His Excellency the Prime Minister of <st1:country-region w:st="on"><st1:place w:st="on">Bhutan</st1:place></st1:country-region> for his exemplary stewardship of SAARC as the outgoing Chairman. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">As someone who has had the privilege of attending the last four Summits of SAARC, I can see the impressive progress we have made as an organization in recent years. The momentum and scope of our cooperation have undoubtedly increased. Since our last <st1:city w:st="on"><st1:place w:st="on">Summit</st1:place></st1:city> alone, our Ministers of External Affairs, Home, Finance, Transport, Tourism, Commerce, Energy and Environment have met. Greater exchanges and communication among ourselves should be followed by concrete outcomes. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">In my discussions with the leaders of <st1:place w:st="on">South Asia</st1:place>, I sense today a collective commitment and desire to give greater meaning and content to SAARC. Admittedly, there is a lot to be done but the political will is there. We have all come to believe that regional cooperation in <st1:place w:st="on">South  Asia</st1:place> is good for each one of our countries. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">I reaffirm that India will do whatever is within our capabilities to make SAARC an effective instrument to deliver on our vision of common peace, shared prosperity and cooperation in South Asia. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">Our <st1:city w:st="on"><st1:place w:st="on">Summit</st1:place></st1:city> takes place at a time when the global economy is under acute stress. This has imposed a fresh and entirely uncalled for burden on our development efforts. We hope that the leaders of the major economies, particularly those in the Eurozone, will show the wisdom and will that are required to revive the global economy. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">However, the world economy is going to take time to recover. In the meantime developing countries like ours will be squeezed for capital, investments and markets for our exports. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">We should seek imaginative ways to create new avenues and sources of growth and investment in <st1:place w:st="on">South Asia</st1:place>, and this is indeed an imperative necessity. I believe, if we can create favourable conditions for development at home, there is no reason why our investors should seek greener pastures elsewhere. The complete normalization of trade relations in SAARC will create huge opportunities for mutually beneficial trade within <st1:place w:st="on">South  Asia</st1:place>. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">We should work to create a climate whereby the wealth generated by us is invested back into our own region of <st1:place w:st="on">South Asia</st1:place>. This will be the most ringing endorsement of our collective vision of a regional economy without boundaries. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">There are promising signs that South Asia is increasingly getting plugged into the growth dynamic of <st1:place w:st="on">Asia</st1:place>. Despite all the difficulties, we have been able to maintain a respectable growth rate in the last few years. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">This encouraging trend has coincided with the growing pace of integration of SAARC. This shows that we are on the right path. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">I believe the process should move much faster, though at a pace we are all comfortable with. I recognize that <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> has a special responsibility that flows from the geography of our region and the state of our economy and market. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">I am happy to announce that, in a major trade liberalization effort, the Government of India has issued a notification to reduce the Sensitive List for the Least Developed Countries under the South Asian Free Trade Area Agreement from 480 tariff lines to just 25 tariff lines. Zero basic customs duty access will be given to all items removed with immediate effect. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">I recognize that non-tariff barriers are an area of concern. <st1:country-region w:st="on">India</st1:country-region> is committed to the idea of free and balanced growth of trade in <st1:place w:st="on">South Asia</st1:place>. Competition begins at home. Our industries have to learn to compete if our economies are to have a future in this globalised world that we live in. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">We can all benefit from our respective comparative advantages. These include our hydropower and natural resource endowments, possibilities of earnings from transit, marine resources, our scientific and technological base and above all our youthful population which will drive consumption and investment in the years ahead. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">We should expedite the finalization of the SAARC Agreement on Investment flow. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">The theme of this year’s <st1:city w:st="on"><st1:place w:st="on">Summit</st1:place></st1:city> is “Building Bridges”. This eloquently summarizes the imperative of greater regional integration, and is an objective to which <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> is fully committed. One such initiative taken last year was the launch of the South Asia Forum that has brought together eminent South Asians from different walks of life about the future cooperation in <st1:place w:st="on">South Asia</st1:place>. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">In our <st1:city w:st="on">Summit</st1:city> in Dhaka in 2005, I had suggested a reciprocal initiative to provide unrestricted access to airlines from SAARC States to our four metropolitan cities, and to 18 other destinations in <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region>. Connectivity has partially improved since then. But we must take this further. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">We should aim to conclude a regional Air Services Agreement, for which <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> would be happy to host a meeting of officials next year. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">We have been talking of a Regional Railway Agreement and a Motor Vehicle Agreement for a long time. Let us agree to conclude these agreements as a matter of priority. <st1:country-region w:st="on">India</st1:country-region>, <st1:country-region w:st="on">Maldives</st1:country-region> and <st1:country-region w:st="on"><st1:place w:st="on">Sri Lanka</st1:place></st1:country-region> are in the process of developing regional ferry services. We should replicate many more such connectivity arrangements in other parts of our sub-continent. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">I commend the Postal Administrations of SAARC countries for agreeing to establish a South Asian Postal <st1:place w:st="on">Union</st1:place>. India is happy to host the ad hoc Secretariat for the Union, and to sponsor training courses at our Postal Staff College to train upto ten SAARC officials per year, belonging to interested Member Countries. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">I suggest, we follow up this agreement by improving our telecommunication linkages to reduce call rates and telecommunication tariffs and interconnection termination charges. <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> will be ready to facilitate the development of a regional telecommunications infrastructure to improve the quality of connectivity for our economies. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">We should encourage greater broadcasting, television and film exchanges among our countries. It is time that we overcome the information deficit among the SAARC countries. We should encourage our people to know more about each other. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">In this spirit, I wish to announce the following initiatives that <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> will take. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">We will host a conclave of the top dozen tour operators from the SAARC region to boost tourism exchanges. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">We will take the initiative to establish a travelling exhibition on the ancient history of <st1:place w:st="on">South  Asia</st1:place>. This could comprise a hundred archeologically-significant pieces per country to be selected by member States. The exhibition can be hosted in each of our national museums in turn for a period of three months. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">Post-graduate courses in the South Asian University have started in July 2010. <st1:country-region w:st="on">India</st1:country-region> will increase the number of SAARC Silver Jubilee Scholarships for the <st1:place w:st="on"><st1:placename w:st="on">South</st1:placename> <st1:placename w:st="on">Asian</st1:placename>  <st1:placetype w:st="on">University</st1:placetype></st1:place> from 50 to 100. 75 of these 100 scholarships will be at the Masters level and 25 at the doctoral level. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">Protecting our environment even as we pursue rapid growth is essential and Prime Minister Thinley has made a very eloquent presentation on the concept of sustainable development. The <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> Endowment for Climate Change which I had announced last year has been established. We look forward to receiving project proposals from our SAARC partners. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">We will provide a total of ten scholarships per year to SAARC Member States for post-graduate and doctoral studies in forestry courses at the Forestry Research Institute of <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region>, Dehradun. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">The destiny of <st1:place w:st="on">South Asia</st1:place> lies in our own hands. SAARC provides a unique platform for us to put aside our differences and work towards a higher calling. We have a long way to go, but I am confident that we can realize our true potential through sustained effort. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">We have to learn to trust each other and to learn from each other. The security and stability of our countries are closely interlinked. None of us can prosper in isolation to each other. We cannot afford to allow the many problems we face to stand in the way of our ambitions and our dreams. <o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-family: 'Trebuchet MS';">Let us challenge ourselves to do even better. I thank you. ---PIB<o:p></o:p></span></i></div></div>

Indian Prime Minister Addresses Inaugural Session of the 17th SAARC Summit

The Prime Minister, Dr. Manmohan Singh addressing the inaugural session of the 17th SAARC Summit , at Adu Atoll in Maldives on Novem...

India, Pakistan FM Meet on Positive Note in Maldives

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</div><div class="MsoNormal" style="text-align: justify;"><span>ADDU, <st1:country-region w:st="on">Maldives</st1:country-region> (NNN-Bernama) -- <st1:country-region w:st="on">India</st1:country-region> and <st1:place w:st="on"><st1:country-region w:st="on">Pakistan</st1:country-region></st1:place> on Wednesday acknowledged that the trust deficit between them was "shrinking" and termed terrorism as a threat to both countries. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span>The common acknowledgement came as <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region>'s External Affairs Minister S M Krishna met his Pakistani counterpart Hina Rabbani Khar, a day before the meeting of the prime ministers of the two countries on the sidelines of the SAARC summit. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span>During the meeting, both leaders discussed issues of bilateral interests and agreed that terrorism was a threat to both countries. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span>"Krishna and <st1:country-region w:st="on"><st1:place w:st="on">Pakistan</st1:place></st1:country-region> Foreign Minister met. Both leaders termed terrorism a threat to both countries and acknowledged that trust deficit between the two countries is shrinking," official sources told Press Trust of India (PTI). <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span>Earlier, Krishna had sent out positive signals before the meeting, telling reporters accompanying him to <st1:country-region w:st="on"><st1:place w:st="on">Maldives</st1:place></st1:country-region> that the environment was very positive and that "the trust level has gone up" between the two countries. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><st1:country-region w:st="on"><st1:place w:st="on"><span>India</span></st1:place></st1:country-region><span>'s Prime Minister Manmohan Singh and his Pakistani counterpart Yousuf Raza Gilani will meet on Thursday ahead of the inauguration of the eight nation summit and are expected to review the progress in bilateral relations. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span>Positive signs have been witnessed in bilateral ties lately, including <st1:country-region w:st="on">Pakistan</st1:country-region>'s decision to grant the Most Favoured Nation trade status to <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region>. -- NNN-BERNAMA<o:p></o:p></span></div></div>

India, Pakistan FM Meet on Positive Note in Maldives

ADDU, Maldives (NNN-Bernama) -- India and Pakistan on Wednesday acknowledged that the trust deficit between them was "shrinking...

Yunus Loses Final Legal Battle to Challenge Sacking from Grameen Bank

<div dir="ltr" style="text-align: left;" trbidi="on"><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">In Bangladesh, the supreme court has dismissed a final attempt by microcredit pioneer Muhammad Yunus to challenge his sacking as head of Grameen Bank, which he founded three decades ago.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">After a brief hearing, a seven-member bench of the supreme court dismissed two petitions seeking to overturn the sacking of Muhammad Yunus as head of Grameen Bank. The petitions had been filed by Yunus and nine directors of the bank.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Tuesday’s order ends a two-month legal battle by the Nobel laureate to save his job as head of the institution which extends tiny loans to poor people.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><b><u>Age discrimination?</u></b></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Yunus, 70, was dismissed for staying past the retirement age of 60. His supporters believe he was politically targeted for briefly trying to start his own political party in 2007.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">The debate in Bangladesh is now moving to how the controversy will impact the work for which Yunus won international acclaim and a Nobel prize in 2006. His concept of microfinance is credited with helping millions of poor people in Bangladesh and other parts of the world.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><b><u>Stability </u></b></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Debapriya Bhattacharya heads the Center for Policy Dialogue in Dhaka and is a public policy analyst. He says the government must ensure that Grameen Bank’s stability is not affected. The bank has more than eight million borrowers, spread across more than 80,000 villages,</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">and is a significant feature of the country’s rural economy.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">He says the government must also clarify its policy toward numerous other microcredit institutions which are working in the country.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">"Given what has happened to the Grameen Bank’s leadership transition, it is important to note that the other microcredit operators at the field level should not feel threatened," he said. "No atmosphere of hostility should be created so that they do not feel it is not Grameen, but it is microcredit, as a whole, which is being challenged. It is very important for the government to reassure all these thousands of microcredit organizations operating in the field so that they do not feel any adverse environment. "</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><b><u>No worries </u></b></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">The government has dismissed concerns that Grameen Bank will be affected by the removal of Yunus. However, fears about the government’s attitude to microfinance institutions arose after Prime Minister Sheikh Hasina called Yunus a “blood sucker of the poor.”</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">In recent years, microfinance institutions have faced criticism for charging high interest rates. In neighboring India, local governments have accused some microcredit lenders of predatory practices aimed more at enriching investors than helping the poor.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">But most economists say microfinance has played a useful role in poverty alleviation in one of the world’s poorest countries. They say the loans, given without collateral, also help poor people overcome crises such as illness or loss of job.</span><span class="Apple-style-span" style="color: #222222; font-family: 'Trebuchet MS', sans-serif; font-size: xx-small; line-height: 15px;">(VOA News)</span></div></div>

Yunus Loses Final Legal Battle to Challenge Sacking from Grameen Bank

In Bangladesh, the supreme court has dismissed a final attempt by microcredit pioneer Muhammad Yunus to challenge his sacking as head of Gra...