الرئيسية
DUBAI (Reuters) - 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.
Washington and the European Union have stepped up
sanctions on the Islamic Republic, alarmed by its disputed nuclear
program.
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 favor of cash handouts - a move that critics say has fuelled
inflation and increased hardship.
Iran's National Development Fund
- which is currently valued at around $35 billion - was set up by
Ahmadinejad's government last year to collect some of the proceeds from
the country's oil and gas industries for the benefit of future
generations.
Washington and the European Union have stepped up
sanctions on the Islamic Republic, alarmed by its disputed nuclear
program.
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 favor of cash handouts - a move that critics say has fuelled
inflation and increased hardship.
Iran's National Development Fund
- which is currently valued at around $35 billion - was set up by
Ahmadinejad's government last year to collect some of the proceeds from
the country's oil and gas industries for the benefit of future
generations.