European Commission To Propose New 7-Year Budget By End Of April - Economy Chief

BRUSSELS (Pakistan Point News / Sputnik - 10th April, 2020) The European Commission is set to make a proposal on the next long-term budget of the European Union for 2021-2027 by the end of April, Paolo Gentiloni, the EU commissioner in charge of the economy, said on Friday.

Every year, the EU budget is formed according to the Multiannual Financial Framework (MFF), the EU's long-term budget. Currently, the 2014-2020 financial plan is in place, and the EU needs to agree on the plan for the next seven years before the end of 2020. In late February, the Council of the EU failed to agree on the new seven-year MFF.

"27 EU countries agree a 500bn coordinated economic response to complement @ecb monetary policy decisions. A first step, a first time. The recovery fund is our next challenge in implementing this joint commitment. New EU budget #MFF proposal by end April," Gentiloni tweeted.

On Thursday, the Eurogroup, an informal association of eurozone finance ministers, said that it had agreed to work on the temporary recovery fund to tackle the economic consequences of the COVID-19 pandemic for the bloc.