News

07.01.2011

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Jacques Attali supports Muhammad Yunus

source : csmonitor.com

« Rather than lead a peaceful and confortable life, he had chosen to fight against poverty by developing microcredit, a resource that showed a more than expected result. But like it is always the case no one is prophet in his country.” With these words, Jacques Attali, writer and economist, co-founder of Microworld, stands up for Muhammad Yunus in an article published in the American magazine Christian Science Monitor. Yunus, the Founder of Grameen Bank who was recently dismissed by the Bangladeshi government for some political reasons, has nothing to blame himself for, says Jacques Attali, who describes him as a humble visionary.
Jacques Attali who admits having known Muhammad Yunus for more than 10 years, reminds that his quarrel with the government of his country is not recent and that the Grameen Bank has already been accused several times to have too high interests. Attali considers that these rates are “precisely part of the microcredit system, because they cover up the high administrative costs and develop a sustainable financial activity.” Moreover, the accusations against Yunus are not well founded, unless to consider that maybe Yunus “overestimated the impact of microfinance.”
Joining the opinion of Sir Fazel Fazle Hasan Abed, Founder of BRAC, the second more important microfinance institution in Bangladesh, Jacques Attali considers that the eviction of Yunus is irresponsible because it may weaken a 25,000 employees institution and more than 8 million active borrowers. Attali recalls that Yunus has always been “an avant-garde promoter for an intelligent regulation of microfinance, which is essential in order to reach its goals.” More largely, the microfinance sector needs the experience and the legitimacy of Pr Yunus to face the questions of profitability and over indebtedness. The international dimension of Yunus will maybe preserve this chance for him.

Read more : The Yunus affair: why he was ousted

This article is part of the special report: