Iran's military budget set for explosive 200% increase Following Israeli strikes

Iran’s government is planning a substantial increase in its military budget, with a proposed rise of approximately 200%, spokesperson Fatemeh Mohajerani said on October 28.

This planned defence budget boost is part of a broader financial proposal submitted by the government to Iran’s parliament for approval.

“A considerable raise that amounts to 200% has been witnessed in the country's defence budget,” Mohajerani noted, without providing further specifics on the allocation, Caliber.Az reports citing foreign media.

The announcement comes after months of escalating missile exchanges between Iran and Israel. Israel launched airstrikes on Iranian sites on October 26 in retaliation for an Iranian missile barrage on October 1, much of which Israel claimed its air defences intercepted. In response, Iran pledged to “use all available tools” to counter Israel’s recent attack on military targets within its borders.

The Stockholm Institute for Peace Research (SIPRI) reports that Iran's military budget for 2024 stands at $16.4 billion, reflecting a 20% increase from 2023. To put this in perspective, Iran's military budget was only $6.8 billion in 2021, according to the same institute.

Iran’s Permanent Representative to the UN, Amir Saeed Iravani, affirmed Tehran’s stance, stating, “As a sovereign state, the Islamic Republic of Iran reserves the inalienable right to respond to this act of aggression at a time it deems appropriate, and the response will be in full compliance with the UN charter.” He emphasized, “Our response will be legitimate and will be fully in line with international law,” and reiterated that Israel’s strike “was contrary to international law and the UN charter.”

Iravani also reported that Iranian air defence systems successfully thwarted Israeli attacks targeting multiple regions, including Tehran, Khuzestan, and Ilam.

Iran backs the militant group Hezbollah, which is actively engaged in heavy combat with Israeli forces in Lebanon, as well as Hamas, which continues its conflict with Israel in the Gaza Strip.

By Tamilla Hasanova