Bahrain’s Cabinet yesterday discussed plans to slash public debts and rationalise government expenditure within a time frame.

HRH Prime Minister Prince Khalifa bin Salman Al Khalifa chaired the weekly session at Gudaibiya Palace and directed the financial and economic affairs committee to draw it up to boost revenues, said a report in our sister publication, the Gulf Daily News.

Options to extend the actuarial age of social insurance funds and reduce deficit and draft amendments and recommendations submitted by the Finance Minister to merge pension premiums, benefiting from experiences of other countries were also reviewed.

The Premier was briefed on success of ministries and government departments in implementing most recommendations of Bahrain Independent Commission of Inquiry. Others will be carried out after taking required procedures.

He stressed the role of forums and conferences in encouraging investment and showcasing Bahrain's economic opportunities and business-friendly environment.

A draft law to establish an independent fund to compensate victims of road accidents was approved.

The fund, under the Central Bank of Bahrain, will cover vehicles not insured or their identities not determined or the insuring company if it goes bankrupt. – TradeArabia News Service