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European Commission proposes €199.7B budget for EU in 2025

European Commission proposes €199.7B budget for EU in 2025 European flags fly outside the European Commission headquarters in Brussels, Belgium September 20, 2023. (Reuters)
By Anadolu Agency
Jun 19, 2024 4:38 PM

The European Commission has unveiled the draft budget proposal for the Union for the year 2025. Accordingly, the E.U.’s budget for the coming year will amount to €199.7 billion.

In addition to the budget, the European Commission will distribute €72 billion in funds to member countries under the recovery program prepared in response to the economic impacts of the COVID-19 pandemic.

The budget will focus on strengthening Europe’s strategic autonomy and global role, accelerating green and digital transformations, and increasing employment.

From the budget, €53.8 billion will be allocated to the Common Agricultural Policy, €49.2 billion to regional development and cohesion programs, €16.3 billion to international cooperation and partners, €10.9 billion in loans, and €4.3 billion in grants to Ukraine, €13.5 billion to research and development programs, €4.6 billion to strategic investments, €2.1 billion to space expenditures, €4 billion to the Erasmus education program, €2.4 billion to environmental and climate action, €2.7 billion to border protection, €2.1 billion to migration-related expenses, and €1.8 billion to the defense sector.

The draft budget prepared by the Commission will come into effect after the necessary approvals following negotiations between the E.U. Council and the European Parliament (EP).

Revenue items in the budget largely consist of resources provided by member states.

The European Court of Auditors, based in Luxembourg, is responsible for auditing the budget.

Last Updated:  Jun 19, 2024 5:03 PM