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Ahmadinejad: Iran oil development fund could reach $55b.

By REUTERS

APRIL 7, 2012 18:16

DUBAI - 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.

"Taking into the account the upward movement of oil prices, Iran's National Development Fund could reach 55 billion by the end of the (Persian) year (March 2013)," the Iranian state news agency quoted the president as saying during a visit to north-eastern Iran.

"For the first time in history ... (the) government has been able to save a proportion of its oil revenues while previous governments spent all revenues every year," Ahmadinejad said.

Ahmadinejad added the 20 percent of oil revenues set aside in the past would increase to 23 and 26 percent in the following two years.

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