Nobel Laureate Muhammad Yunus named head of Bangladesh's interim gov't

Aug. 7 (UPI) -- Nobel Laureate Muhammad Yunus has been named head of Bangladesh's interim government after Prime Minister Sheikh Hasina resigned earlier this week as the country became subsumed by a growing revolt.

The decision to appoint Yunus was made Tuesday night during a meeting to determine the make-up of the interim government between President Mohammed Shahabuddin and leaders of the Anti-Discrimination Student Movement that has been behind the protests, the nation's Bangladesh Sangbad Sangstha news agency reported.

Joynal Abedin, the president's press secretary, had told BSS that Shahabuddin had approved the proposal, adding that other members of the interim government will be finalized at a later date.

"The country is passing through a deep crisis and in order to resolve this problem, an interim government must form as soon as possible," Shahabuddin said, according to BSS.

The heads of the nation's three military divisions as well as other members of civil society participated in the meeting that ran from 7:30 p.m. local time Tuesday to 11:30 p.m.

The Anti-Discrimination Student Movement had earlier Tuesday called for Yunus to lead the government after they rejected the notion of a military-led administraiton.

"We will not accept any other government except the government proposed by the students and people," the student leaders said in a video message.

"We will not accept any military government, military-backed government or any B-team government formed with the associates of the fascists."

Considered the "banker to the poorest of the poor," Yunus was awarded the Nobel Peace Prize in 2006 for developing the micro-credit system of lending small amounts of money in the form of long-term loans to those suffering from poverty in an effort to lift their financial status.

Yunus' appointment comes after Hasina resigned on Monday and fled the country as protesters had stormed her residence in the capital Dhaka.

The protests began early July by Dhaka University students demonstrating against the government's quota civil service hiring system that reserves stable positions for relatives of veteran's who fought in the country's 1971 independence war.

The demonstrations, fueled by high unemployment, have been met with brutal force, resulting in some 300 killed, including at least 90 on Sunday alone.

On Tuesday, Shahabuddin had dissolved Parliament, paving the way for the interim government and for new elections to be held.

Bangladesh has also freed former Prime Minister Begum Khaleda Zia , a rival of the ousted prime minister and the leader of the Bangladesh Nationalist Party. The party said the decision was made following meetings on Monday between the chiefs of the three military services, leaders of various political parties and the Anti-Discrimination Student Movement.

Tarique Rahman, the self-exiled chairman of the Bangladesh Nationalist Party, is also to return to the country soon, his party said, according to Dhaka Tribune .