European Union ratifies 2018 budget

Research and innovation programs expected to account for biggest portion of €160.1 billion budget

European Union ratifies 2018 budget

World Bulletin / News Desk

The European Union on Thursday adopted its 2018 budget, amounting to €160.1 billion ($189.7 billion) in commitments - an increase of 0.2 percent compared to 2017.

The EU said total payments amount to €144.7 billion ($171.5 billion), rising 14.1 percent from last year.

"Payments increase significantly because the implementation of the 2014-2020 programs is expected to reach full speed in 2018," the EU said.

The biggest portion of the budget -- €11.2 billion ($13.4 billion) -- will be allocated to the EU's research and innovation programs; this is an increase of 8.4 percent compared to 2017.

The bloc, meanwhile, said Turkey's pre-accession funds have been cut by €105 million ($124.4 million).

Thursday's statement also said an additional €70 million ($83 million) would be held in reserve until Turkey makes "measurable sufficient improvements" to meet EU concerns on democracy, the rule of law, human rights and press freedom.

According to Turkey's EU ministry, the total allocation for the country under the pre-accession funds for seven years between 2014-2020 amounts to nearly €4.45 billion ($5.27 billion).

About €636.4 million ($754 million) of the total amount was allocated for 2017.

Güncelleme Tarihi: 30 Kasım 2017, 23:43