Looming prospect of €34.4bn cut, the first in EU history, will leave organisation struggling to meet 0.7% aid target
European leaders have yet to nail down the final figures for the EU's near-€1tn budget for the next seven years, but foreign aid is set to lose out, with few championing money for poor countries.
After an all-night session, the EU's 27 leaders appear to have settled on a budget of €908.4bn for 2014-20, a cut of €34.4bn - the first in the organisation's 56-year history. That works out at roughly €250 per European taxpayer a year.
As far as aid is concerned, the European Development Fund (EDF), which targets sub-Saharan Africa, will effectively be frozen under current proposals. The president of the European council, Herman Van Rompuy, has put €26.9bn on the table compared to the European commission's proposal of €30bn. The EDF currently stands at €26.93bn.[view whole blog post ]