Microcredit & Grameen Bank!

I wrote to Nobel laureate for Peace in 2006, Bangladesh's businessman Dr Muhammad Yunus in two mails and wanted to have his arguments in response to some controversies and criticisms regarding him and his Grameen Bank. It has been more than a week as he has yet said anything. I am still waiting for his response.

I quoted from Professor Anu Muhammad's article entitled as 'Grameen and Microcredit: A Tale of Corporate Success' published in Economic and Political Weekly, in August 2009. The article features: 'In 2007 the people in the coastal areas suffered from deadly attack of Sidr, the biggest natural disaster since the winning of the Nobel Prize by GB. The further exposed the coercive side of MC operations. One recent study was conducted in 12 Sidr affected south and south-western districts in Bangladesh, where pre-Sidr outstanding loans to around 1.5 million people amounted to some taka 12 billion from 42 MC organisations. The study obseved, Sidr victims who lost almost everything in the cyclone, experienced pressure and harassment from non-governmental organisations (NGOs) for repayment of microcredit instalments. Such intense pressure led some of the Sidr-affected brrowers to sell out the relief materials they received from different sources. Such pressure for loan recovery came from large organisations such as BRAC, ASA, and even the Nobel Prize winning organisation Grameen Bank.

Would you like to give your opinion on the fact mentioned above? What are your arguments as it is reported Grameen Bank created pressure on its poor stakeholders even at the backdrop of natural calamities when it is expected GB could contribute to the relief operation?

Would you like to give your opinion over Bangladesh’s eminent philosopher Badruddin Umar’s book ‘Poverty Trade of Dr Muhammad Yunus’?

Why do you not use Bengali, your mother tongue, on your websites as we see where you use English and Spanish only? How many poor stakeholders of your bank know English and Spanish?

Could you please give me statistical data how many people have been able to reduce poverty in their life getting loans from Grameen Bank since its foundation?

How many beggar-women have been self sufficient purchasing Grameen Phone through your bank?

The interest rate of Grameen Bank (reportedly 35%) is so much higher than regular banks’ – What are the arguments behind this?

It has been observed as many families have been poorer in the circle of repaying loans to Grameen Bank. What would you like to say in response to this fact?

What is the role of you as an individual and Grameen Bank as an institution in Monga-hit northern region of Bangladesh?

What are your observations as people of Bangladesh did not support your political party ‘Nagorik Shokti’ which you launched during military controlled emergency period, even when you were internationally reputed person?