The IMF's fiscal monitor estimates that the US deficit for 2024 will reach 6.67% of GDP, rising to 7.06% in 2025 - double the 3.5% in 2015
Cabinet nods to extend Speedy Power Supply Act by 4 years
The Cabinet has agreed to extend the term of the Speedy Supply of Power and Energy Act by another four years.
Published : 25 August 2014, 09:30 AM
Updated : 25 August 2014, 09:56 AM
A meeting headed by Prime Minister Sheikh Hasina approved the vetted draft of the Speedy Supply of Power and Energy (Special Provision) (Amendment) Act, 2014 on Monday.
The law was put in place in 2010 to speed up the process of awarding projects by bypassing the usual tender procedure, Cabinet Secretary Musharraf Hossain Bhuiyan said after the meeting.
After the two-year extension in 2012, its term was set to end on Oct 11 this year.
The law allows parties interested in power and energy projects to enter into contracts through negotiations with a ‘special committee’.
This lets the government speedily conclude contracts by putting out newspaper notices, online advertisements and carrying on negotiations through email.
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