Cypriot presidency presents revised 2028-2034 EU budget framework

On June 11, 2026, the Cypriot presidency presented a revised negotiation package for the European Union's Multiannual Financial Framework (MFF) for 2028–2034 in Brussels. The proposal includes a total budget reduction of approximately 2%, amounting to 32.8 billion euros in current prices. Deputy Minister for European Affairs Marilena Raouna stated that the package is the result of five months of consultations aimed at balancing the conflicting interests of member states, specifically between the 'frugal' nations seeking significant cuts and the 'cohesion' group advocating for budget maintenance or increases. The proposed reductions are not uniform or horizontal across all headings to preserve the budget's new architecture. This document serves as a basis for negotiations scheduled for the General Affairs Council in Luxembourg next Tuesday. Furthermore, the President of Cyprus is set to report on the progress of this framework during the informal European Council meeting on June 18-19. The overarching goal remains reaching a political agreement by the end of 2026.