Progress on the multiannual financial framework during the Cypriot presidency

The Cypriot presidency of the Council of the European Union has reached a preliminary agreement on three key pillars of the Multiannual Financial Framework: National Reform Programmes, the European Competitiveness Fund, and Global Europe. During the final General Affairs Council meeting held in Luxembourg on June 16, 2026, Deputy Minister for European Affairs Marilena Raouna announced that these developments pave the way for a final agreement before the end of the year. The negotiations aim to conclude the financial framework by late 2026. Ms. Raouna stated that the Irish presidency, which takes over on July 1, 2026, will continue these discussions. The Cypriot government characterized the past six months of its leadership as a productive period for the European agenda. The current draft agreement is now pending further review by the General Affairs Council.