ALBAWABA - The Iranian Parliament's National Security and Foreign Policy Committee has approved a draft bill that would make Iran's armed forces much stronger in response to rising tensions with Israel.
The law gets billions of dollars in funding from oil revenues, frozen foreign assets, and air transit fees to help the country defend itself better.
Ebrahim Rezaei, a spokesperson for the committee, said that the proposal, called "Strengthening the Armed Forces to Counter the Crimes and Aggressions of the Zionist Regime," was passed without any opposition and will be sent to the full Parliament for more discussion.
The bill tells the government to fully use the defense budget for this fiscal year and pay off any debts from 2024. It also makes sure that strategic defense projects approved by the Supreme National Security Council get all the money they need. This money comes from savings on public spending and oil revenues that are redirected.
The law says that the Central Bank can give up to €2 billion in interest-free loans from frozen assets and foreign currency reserves to help with urgent military projects. An extra €2 billion will be set aside to buy high-tech weapons from other countries, and $1.5 billion worth of oil will be used directly for military purposes. Also, 30% of Iran's annual air transit revenue will go toward making air defense systems stronger.
Rezaei said that the measure deals with important worries about Iran's readiness for war and will improve the country's equipment, resources, and overall military strength.
The government said in October 2024 that military spending would go up by 200%. Iran's defense budget was about $15.7 billion last year. However, according to the new bill, it is expected to rise to almost $46 billion in the next fiscal year, which would be one of the biggest increases in the country's history.
