17 November 2016•Update: 18 November 2016
ANKARA
The European Parliament Thursday agreed on a 2017 EU budget with total commitments of €157.88 billion (nearly $170 billion) and payments of €134.49 billion ($144.3 billion).
According to separate statements from the European Parliament and European Council, the EU will provide substantial support to boost economic growth and create new jobs, especially for unemployed young people, by reserving a commitment of €21.3 billion (some $23 billion), up 12 percent from the 2017 budget.
"With a special emphasis on growth-oriented programs and extra money for Erasmus and the Youth Employment Initiative, Parliament has decided to invest in the future. That’s what Europe needs right now," Jean Arthuis, chair of the budgets committee, said in the statement.
The European Council stated that the budget includes €2.1 billion ($2.25 billion) in commitments for the youth Erasmus program and €2.7 billion ($2.89 billion) for strategic investments, representing increases of 19 percent and 25 percent respectively over 2016.
According to the press release, the EU will also provide €500 million (some $537 million) for the Youth Employment Initiative to help young people find jobs.
On the migration crisis and security concerns, the EU will secure around €6 billion (nearly $6.5 billion), an 11.3 percent rise over 2016, to support member countries to establish necessary facilities, strengthen border security, and fight crime.
The budget faces a Dec. 1 vote in the European Parliament before being signed into law.
