EU pledges to use taxpayer's money wisely

The recently released 2016 European Union (EU) budget draft, which puts a heavy focus on jobs, growth, migration and global action, will invest taxpayers' money wisely, a European Commission official promised Wednesday.

Of the total 143.5-billion-euro (156.68 billion U.S. dollars) budget , nearly half will be used to stimulate growth, employment and competitiveness.

"Our 2016 budget supports the economic recovery through investment for growth and jobs, as well as helping manage external challenges such as migration. We are responding to the most pressing needs in Europe and aiming for the best possible results," European Commissioner for Budget and Human Resources Kristalina Georgieva, said in a statement.

The proposed budget also includes contributions to the European Fund for Strategic Investment (EFSI), which is at the heart of the EU's investment plan for Europe. According to the budget, there will be two billion euros in commitments and 500 million euros in payments for EFSI.

The draft will now be sent to the European Parliament and EU member states which will jointly decide on the final budget. Endit