Dhaka, May 28 :

Energy experts and economists of Bangladesh have accused the government of lack of transparency while negotiating a $3 billion deal with the Tatas and warned that it could threaten the country’s energy security.

“The government proposed to undersell power and gas to the Tatas. Many power plants will close between 2011 and 2016 as the present gas reserves will finish before 2016,” an expert told a meeting on ‘Investment Proposal of Tata: The Future of Bangladesh’. The conference was organised by the National Committee for Protecting Oil-Gas Mineral Resources and was presided by its convenor Sheikh Muhammad Shahidullah, The Daily Star reported. The ADB and the World Bank favour the proposal because they are the “involved parties and would inject funds.”

Development budget up

DHAKA: Bangladesh on Sunday incr-eased development spending by 21 per cent to a record $3.8 billion for the new fiscal year to create more jobs and cut poverty ahead of elections. The Nati-onal Economic Council approved the $3.8 billion annual development programme for the next fiscal year. — HNS