Iran to Triple Military Budget by 200% Amid Tensions with Israel

Oct 29, 2024, 09:24 AM

Iran's government plans to triple its military budget by around 200%, government spokesperson Fatemeh Mohajerani announced on Tuesday, October 29, according to state media. The proposed increase, part of next year's fiscal budget submitted to parliament, would raise military spending from approximately $10.3 billion to $30.9 billion. The decision comes amid rising tensions and recent escalations with Israel, including retaliatory missile strikes exchanged between the two nations in recent months.