Moscow: Iranian President Mahmoud Ahmadinejad has called for doubling the country's defence spending, as 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 $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 $85 per barrel.

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

(Agencies)