Bangladesh seeks World Bank’s help to recover billions in stolen funds

By SM Najmus Sakib

DHAKA, Bangladesh (AA) - Bangladesh’s interim leader Muhammad Yunus has called on the World Bank to help recover billions of dollars allegedly stolen during the 15-year rule of ousted Prime Minister Sheikh Hasina.

Yunus made the request during a meeting Tuesday with World Bank President Ajay Banga on the sidelines of the UN General Assembly in New York, according to a statement from his office on Wednesday.

He urged the bank to assist in tracing and recovering the illicit funds and to support the government’s reform agenda.

Banga, in response, stressed the need for robust reforms in the country’s banking and fiscal sectors, saying they are crucial for sustained, high-growth economic development.

Earlier this year, Yunus made a similar request to European Central Bank President Christine Lagarde at the World Economic Forum in Switzerland. At the time, he said some $17 billion had been taken out of the country’s banking system by oligarchs close to Hasina’s administration and claimed another $16 billion was siphoned off annually during her tenure.

The Financial Times reported that around $234 billion was illicitly moved out of Bangladesh during Hasina’s 15-year rule.

In a separate development, the country’s election commission published a gazette notification suspending the Awami League’s party symbol. It also restored the election symbol of the Bangladesh Jamaat-e-Islami, which had been suspended under Hasina’s administration.

Police in the capital Dhaka arrested 244 leaders and activists of the Awami League and its affiliated organizations Wednesday as they attempted to hold flash rallies from different parts of the city. Authorities said the interim government has banned all activities of the party.