MEPs approve EU budget 2017

Lawmakers of the European Union (EU) gave their approval to the bloc's budget plan for the next year through a vote here on Thursday.

Following the conciliation agreement struck between the EU member states and the European Parliament (EP) in November, the lawmakers approved the budget by 438 votes to 194, with seven abstentions.

It was then signed into law by EP President Martin Schulz.

For next year's budget, the EU will have 157.8578 billion euros for commitments, and 134.49 billion euros for payment.

Besides, the members of the European Parliament (MEPs) urged better support for unemployed youngsters and additional funds to boost key initiatives supporting small and medium-sized enterprises (SMEs), transport infrastructure projects, research and Erasmus+ student mobility.

The EP said in a statement that it has secured 500 million euros on top of the draft budget for the Youth Employment Initiative to help youngsters desperately seeking a job.

Meanwhile, the MEPs also added 200 million euros to boost key initiatives for growth and jobs like COSME (supporting SMEs), Connecting Europe Facility (financing infrastructure projects), Horizon 2020 (research projects) and Erasmus+ for student mobility.

To tackle the migration crisis, the MEPs secured a reinforcement package of 728 million euros for mainly migration-related funds.

"We have reached our aims. The 2017 budget clearly focuses on our priorities of boosting growth, creating jobs -- especially for youngsters -- and tackling the migration crisis," said lead rapporteur, MEP Jens Geier. (1 euro = 1.06 U.S. dollars) Endit