Ahmadinejad: Iran oil development fund could reach $55bln
Iran's President Mahmoud Ahmadinejad said on Saturday the country's sovereign wealth fund could reach $55 billion by March next year if oil prices kept high, in an apparent bid to defend his economic record in the face of increasing isolation.
Iran earned up to $100 billion in oil revenue last year but an EU embargo set to come into force in July could put a major dent in future income. The president has also faced criticism inside Iran for his handling of the economy, particularly over his withdrawal of generous food and energy subsidies in favour of cash handouts - a move that critics say has fuelled inflation and increased hardship. (Reuters)
