Bahrain's overall revenues soared by 20 per cent last year to top BD3.03 billion ($7.81 billion), beating the forecast figures by BD511.3 million, a report said.

The positive trend was revealed as HRH Prime Minister Prince Khalifa bin Salman Al Khalifa chaired the weekly Cabinet meeting at Gudaibiya Palace, added the report in the Gulf Daily News, our sister publication.

Effective expenditure for the fiscal year 2012 dropped by 15 per cent (BD590.5 million) to BD3.26 billion, the Cabinet heard.

The Consolidated Final Account of the State for the fiscal year 2012 showed the deficit effectively decreasing by 83 per cent over that forecast to top BD226 million.

The session approved the annual audited state consolidated accounts and referred them to the legislative authority as stipulated in the constitution.

The Premier urged all ministries to protect public revenues and tighten control to pre-empt any financial or administrative irregularities.

He directed the ministerial commission concerned to rationalise expenditure and boost revenues and productivity standards of ministries and government departments.

He also stressed the necessity to adopt innovative programmes to boost the national economy. – TradeArabia News Service