Iran moves to triple military budget

Iran's government has proposed tripling its military spending, an official said Tuesday, as tensions with arch-rival Israel rise following recent tit-for-tat missile strikes.

Government spokeswoman Fatemeh Mohajerani outlined the move that would see "a significant increase of more than 200 percent in the country's military budget" at a news conference in Tehran, without elaborating.

Tehran has not disclosed any exact figures, but according to the Stockholm International Peace Research Institute (SIPRI) think tank, Iran's military spending in 2023 was about $10.3 billion.

The proposed budget will be debated, with lawmakers expected to finalise it in March.

"All efforts have been made to meet the country's defence needs and special attention has been paid to this issue," said Mohajerani.

The plan came days after Israel carried out air strikes on military sites in Iran in response to Tehran's October 1 attack, itself retaliation for the killing of Iran-backed militant leaders and a Revolutionary Guards commander.

At least four soldiers were killed in the Israeli strikes, according to Iran's military, and Iranian media reported Monday that a civilian was also killed in the attack.

Afterwards, Israeli Defence Minister Yoav Gallant said his country's strikes had shifted the balance of power between the sworn enemies.

"The enemy has been weakened -- both in its ability to produce missiles and in its ability to defend itself. This changes the balance of power," Gallant said in a statement