Iran to reduce military spending by $400 million

In 2016-2017 Iran’s spending on its armed forces are expected to be about $8.9 billion, President Hassan Rouhani said, speaking at the Majlis with a report on the budget of the republic for the next year.

Thus, spendings are be reduced by about $400 million in comparison with 2015-2016.

In addition to reducing spending, funds are planned to be reallocated. The maintenance budget of the General Staff of the Revolutionary Guards will also now be reduced, but spending in respect of other units of the armed forces will be increased, RIA Novosti reports.