Lebanon’s public revenues are likely to hit L£16 trillion ($10.6 billion) in 2014, posting double-digit growth from L£14.2 trillion ($9.2 billion) last year, said a report.

The rise in revenues is also seen swinging the country’s primary balance, which excludes debt service payments, into a surplus for the first time since 2011, reported The Daily Star, citing the finance minister.

“We expect the budget deficit to reach LL5.9 trillion, or 8 percent of GDP, down from a deficit of 9.3 percent of GDP in 2013, which will allow us to register a primary surplus in 2014 for the first time in several years,” stated Ali Hasan Khalil.

He was speaking at the opening ceremony of the Union of Arab Banks’ annual conference in capital Beirut.

The Lebanese government has already reported a large primary surplus of $579.7 million in the first six months, compared with a much smaller surplus of $16.5 million over the same period last year.