Iran to double defence budget

Defence spending will be increased 127 percent and more money will be allocated for scientific research and healthcare.

Moscow: Iranian President Mahmoud Ahmadinejad has called for doubling the country`s defence spending, the Mehr news agency reported.

The President also wants to cut down financial budget for the new fiscal year, starting March 20, by 5.6 percent.

Ahmadinejad presented a government-proposed draft budget, worth 5.1 quadrillion rials (about USD 416 billion), to Parliament on Wednesday. Last year`s budget was worth 5.4 quadrillion rials, the report said.

Defence spending will be increased 127 percent and more money will be allocated for scientific research and healthcare. The budget is based on an average oil price of USD 85 per barrel.

Experts say the budget`s revenues may be reviewed against the backdrop of sanctions imposed on Tehran by the US and the European Union (EU).

IANS

By continuing to use the site, you agree to the use of cookies. You can find out more by clicking this link

Close