Dr. Yunus's historic success in the energy sector: All dues paid!

Nobel laureate economist Dr. Muhammad Yunus took charge of the country after Sheikh Hasina fled the country in the August 5 student uprising. Since taking charge as the chief advisor to the interim government, he has started reviving the country's economic sector through strict financial discipline and transparency-based administration. One of the most successful examples of this effort is the payment of all outstanding bills in the energy sector.

In just eight months, the outstanding bill for LNG imports has reduced from $665.76 million to just $10 million. Already, the $237.55 million due to the US energy company Chevron and the $317.48 million due to the companies in Qatar and Oman have been fully paid.

Muhammad Fauzul Kabir Khan, advisor to the Ministry of Energy, described the achievement as “unprecedented.” He said that the delay in paying outstanding bills was not only tarnishing the country’s image, but also constantly causing Bangladesh to face financial penalties. This situation has been radically changed through strict financial management and timely decision-making.

One of the driving forces behind this success was the activeness of the domestic banking system and remittances sent by expatriates. According to Bangladesh Bank, a total of $23.92 billion in remittances came in the 2023-24 fiscal year. Of this, $7.03 billion came in just three months from August to October 2024 under the interim government. $2.06 billion of this came through state-owned banks—29.27 percent of the total remittances.

While economic mismanagement, corruption, and money laundering were regular occurrences during the regime of the fallen Sheikh Hasina, Dr. Yunus, through his goodwill, administrative skills and transparent management, has taken Bangladesh to a new level of stability in just eight months.

Today, Bangladesh is a role model in the international arena in the energy sector. Once criticized and indebted, this sector is now a unique example of administrative strategy and responsibility. This progress of the interim government under the leadership of Dr. Yunus has set a groundbreaking example not only in finances, but also in state management.