Be ready to face waves of adverse impacts: Yunus

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FE Report
Nobel Laureate Dr Muhammad Yunus said on Sunday that the South Asian nations including Bangladesh should prepare themselves by pulling out resources to face any untoward situation as the global financial system faces a near-meltdown.
He defined the American monetary system crash as 'financial tsunami in Wall Street casino' and advised all to take preparations for facing the waves of adverse impacts.
The Nobel laureate was addressing a two-day seminar titled "Rethinking Poverty Eradication in South Asia," organised by the South Asian Centre of Policy Studies (SACEPS) and Centre for policy Dialogue (CPD).
Chaired by Dr. Mohanman Sainju Chairperson of Nepal's Institute of Integrated Development Studies (IIDS) CPD chief Prof. Rehman Sobhan presented the key note paper at the seminar.
Dr. Yunus saw the global financial crisis as an opportunity to restructure the international financial system where the South Asian nations together can play a significant role. He observed that broader collaborations among South Asian nations would help create an entity of its own in the global perspective.
Dr. Yunus put energy on the top among many areas of cooperation between the South Asian nations. He said if Bhutan can sell electricity to India why not Bangladesh buy the same from Bhutan or Nepal. He said a SAARC network of highways could be immediately planned as what he said "we cannot keep ourselves isolated as the global connectivity is essential for economic progress."
Bangladesh, he said, has the opportunity to become the shipping hub for South Asia. The country has also the opportunity to turn itself into a prime transit destination for airlines. Dr. Yunus hoped that Bangladesh would be able to fulfill the Millennium Development Goals (MDG) to halve poverty by 2015 and eradicate it completely by the year 2030.
Prof. Rehman termed those who are denied the opportunities for participating in the development and decision making process as 'deprived'. He said injustice remains pervasive in most societies exposed to endemic poverty and is particularly manifest across South Asia.
Any credible agenda to eradicate poverty in South Asia must seek to correct the structural injustices which perpetuate poverty, Rehman Sobhan observed. "Inequalities in title and access to agrarian assets do not derive from the competitive play of the market but from the injustices of history," he said.
The opening session was also addressed by Commerce adviser Dr. Hossain Zillur Rahman, noted economist Prof. Wahiduddin Mahmud and CPD Executive Director Dr. Mustafizur Rahman.