Iran has proposed a substantial increase in its military budget, tripling defense spending as tensions with Israel intensify following a series of missile exchanges. Government spokeswoman Fatemeh Mohajerani announced the proposal on Tuesday in Tehran, stating it would mean “a significant increase of more than 200 percent” in defense funding. Specific figures remain undisclosed, but estimates from the Stockholm International Peace Research Institute place Iran’s 2023 military expenditure at around $10.3 billion.

The budget proposal, subject to parliamentary debate and set for finalization in March, was unveiled shortly after a contentious UN meeting where both Iran and Israel accused each other of destabilizing the Middle East. The diplomatic clash came days after Israel launched retaliatory strikes against Iran following an October 1 missile barrage from Tehran. The Iranian army reported casualties, with four soldiers killed and radar systems damaged in the exchange.

According to Iranian sources, the October 1 missile strike, involving 200 missiles, was a response to attacks that killed leaders of Iran-backed groups Hamas and Hezbollah, along with an Iranian commander. Mohajerani emphasized the importance of bolstering Iran’s defense in light of recent events, stating, “All efforts have been made to meet the country’s defense needs with special attention paid to this issue.”

The renewed hostilities come amid Israel’s ongoing military offensive in Gaza following the October 7 attacks by Hamas, which marked a significant escalation in the region. Israel is also contending with heightened tensions on its northern border with Hezbollah in Lebanon, further deepening the regional crisis.