The Islamic Republic is planning to increase its military budget by 200 percent next year, presidential spokesperson Fatemeh Mohajerani revealed to state media Tuesday.
The announcement comes amid ongoing tensions between Tehran and Israel over the regime’s involvement in the hostilities on the Jewish state’s borders, including incidents involving significant missile strikes exchanged by both governments.
The exact amount of money to be appropriated was not specified, but the Stockholm International Peace Research Institute estimated the Islamic Republic's total defense spending for 2023 to be $10.3 billion.
The measure, expected to be approved by lawmakers in March, will attempt to bring the theocracy’s financial support for its armed forces in line with the approximately $30 billion spent this year by Jerusalem.
A substantial portion of the financing for this initiative is likely to come from the country's petroleum exports to China, which, despite sanctions on the sector, are projected to hit a five-year high in annual volume and generate $26 billion in revenue for 2024.
Currently, Tehran commands one of the largest militaries in the Middle East, with over 600,000 active personnel and 350,000 reservists. Beyond its own fighting strength, the regime also provides funding to its regional allies, including Hamas in Gaza, Hezbollah in Lebanon, and the Houthis in Yemen.
