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.

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.

On Monday, Iran and Israel accused each other of endangering Middle East peace in a heated exchange at a UN meeting.

SIPRI says Israel's military spending grew by 24 percent, reaching $27.5 billion in 2023 alone, coming second in the region after Saudi Arabia. Current figures on Israel's 2024 military spending are unavailable, though the country has benefited from substantial military aid provided by the United States since the outbreak of the war. Israel has for the decades been the largest recipient of US assistance.

According to Iran's official IRNA news agency, the country's Islamic Revolutionary Guard Corps receive the highest portion of the country's military budget. The regular army and other branches of the armed forces receive a smaller allocation, the agency said based on figures of the current fiscal year which ends in March 2025.

Iran does not recognise Israel, and the two countries have fought a shadow war for years. The Islamic republic accuses Israel of having carried out a wave of sabotage attacks and assassinations targeting its nuclear programme.