(VOVworld) – The European Parliament’s Budgets Committee on Friday reached an agreement on the EU’s budget for the 2014-2020 period, known as Multi-annual Financial Framework (MFF), with a 50-billion-euro cut. The unprecedented cut has paved the way for a full approval of MFF at the parliament’s general meeting next week.

908 billion euros is approved for the EU’s 2014-2020 budget. (Photo: Reuters)

The budget deal sets 908 billion euros in payment against 960 billion euros of member states’ earlier funding commitments. In exchange for the spending cut, the European Parliament committed to adding 11.2 billion euros to the 2013 budget. It will review incomings and outgoings in 2016 and funding regulations to operate the macro-economy.