- Home
- Business
- News
- Finnish EU Council Presidency Proposes to Slash Total EU Budget, Boost Climate Spending
Finnish EU Council Presidency Proposes To Slash Total EU Budget, Boost Climate Spending
Muhammad Irfan Published December 05, 2019 | 04:35 PM
Finland, which currently holds the presidency of the Council of the European Union, published its EU budget plans, or so-called multiannual financial framework (MFF), for 2021-2027 on Thursday, revealing proposals to cut overall spending
MOSCOW (UrduPoint News / Sputnik - 05th December, 2019) Finland, which currently holds the presidency of the Council of the European Union, published its EU budget plans, or so-called multiannual financial framework (MFF), for 2021-2027 on Thursday, revealing proposals to cut overall spending.
The overall budget for 2021-2027 would be set at 1,087 billion Euros ($1,205 billion), a figure 48 billion euros less than EU Commission proposals in 2018. The Finnish proposal also reduces EU countries' gross national income contributions from 1.11 percent to 1.07 percent, compared to the commission's plans.
"Finland has noted the views of member states and made a balanced proposal that takes into account both the new priorities and traditional policy areas. Our Presidency's work on the MFF is now over, and the President of the European Council will now be in charge of the negotiations," Finland's Minister for European Affairs Tytti Tuppurainen said in the press release.
The presidency targeted cuts to the European Union's cohesion and agricultural funding, but would increase the amount of money the EU will devote to tackling climate change, the press release stated.
In total, more than 25 percent of presidency's proposal budget would be spent on preventing climate change.
"Investing in the new priorities is important so that we can address the challenges of climate change, create sustainable growth in Europe and protect the security of our citizens comprehensively. At the same time we must recognise the special needs of regions and support agricultural development," Tuppurainen added.
At a press conference on Wednesday, EU Commission President Ursula von der Leyen outlined that the presidency's proposal would bring "severe cuts" to overall defense spending and the EU border agency, Frontex.
In 2018, the European Commission proposed increasing investments in security by 40 percent in the 2021-2027 budget. The bloc also endorsed the new European Defence Industrial Development Programme, aimed at funding the development of new and upgraded products and technologies. The program will be launched as part of the EU Defense Fund, set up in 2017 to coordinate EU nations' investments in defense, research and acquisition of new military technologies and equipment.
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Business
-
Finance minister reviews progress on FBR digitalization
32 minutes ago -
US stocks rebound on tech earnings, London hits new record
32 minutes ago -
US approves gene therapy treatment for hemophilia
19 minutes ago -
KATI president for inclusion of agri sector in tax net
18 minutes ago -
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-level delegation’s v ..
2 hours ago -
Police to take every step for security of business community: IGP
2 hours ago
-
WB director, Planning minister discuss reforms in development projects
2 hours ago -
IP rights crucial in achieving SDG : Jam Kamal
3 hours ago -
FBR’s data protection efforts commended by OECD assessment team
3 hours ago -
US stocks rebound on tech earnings, London hits new record
4 hours ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
4 hours ago -
SBP to announce monetary policy on April 29
4 hours ago