On Tuesday, negotiators from the Parliament and the Council of the EU reached a provisional political agreement regarding the update of the EU’s long-term budget.

This update reflects the demands put forward by the Parliament in December 2022, calling for a reform of the EU budget to respond more effectively to evolving needs and unforeseen circumstances, to address funding gaps, provide a structural solution for NextGenerationEU borrowing costs, and ensure a stable financing solution for Ukraine.

This revision will also integrate the Ukraine Facility and the “Strategic Technologies for Europe Platform” (STEP), once agreement on it is reached, into the EU’s multiannual financial framework.

Additional funding for 2024-2027

The Ukraine Facility comprises €50 billion of loans (€33 billion) and grants (€17 billion).

For migration and external challenges, the budget revision allocates an additional €2 billion for migration and border management, and €3.1 billion to support…