The European Union's Council officially approved the 2024 budget on Monday, marking a significant step after the agreement reached between the negotiators of the EU Council and the European Parliament on November 11th. The budget now awaits ratification by the Parliament, set for the upcoming Wednesday.

The joint draft, a collaborative effort of both bodies, proposes total commitments of €189.4 billion and payments of €142.6 billion. An additional €360 million is reserved to address unforeseen needs, in line with the spending limits of the current Multiannual Financial Framework (2021 - 2027).

As outlined by the EU Council, the forthcoming year's budget aligns with the EU's principal objectives, encompassing economic revival, ecological transition, digital initiatives, and tackling the challenges of the prevailing geopolitical landscape.

This financial plan ensures the coverage of costs stemming from commitments undertaken in the current and preceding years.

The European Parliament is set to deliberate over the budget in its Plenary session in Strasbourg today, with a vote scheduled for Wednesday.

Parliamentary reports highlight that during the negotiation process, MEPs augmented the budget by €670 million. This increase includes funding allocations for humanitarian aid (€250 million), neighborhood development and international cooperation (€150 million), and €30 million dedicated to enhancing transport infrastructure.