The Council and the European Parliament have today reached an agreement on an EU budget for 2023 which “strongly focuses on the EU’s main policy priorities”, the EU Council of Ministers in Brussels announced in a statement. “Total commitments are set at €186.6 billion. This is an increase of 1.1% compared to the 2022 budget as amended. €0.4 billion have been kept available under the expenditure ceilings of the multiannual financial framework for 2021-2027, allowing the EU to react to unforeseeable needs”. Total payments amount to €168.6 billion, rising 1% from 2022. Jiří Georgiev, Deputy Minister of Finance of the Czech Republic and chief Council negotiator for the 2023 EU budget, said: “I welcome our agreement on next year’s budget as it will allow us to focus on the EU’s priority areas in a particularly volatile geopolitical context. It also ensures a realistic approach, taking into account the current economic situation, the interests of taxpayers and the need to cater for new challenges that may arise in 2023”. “Commitments and payments usually differ for multiannual projects, for example the building of a bridge”, a statement on the Council’s website explains. “The commitment would be made in one year while payments would be spread over several years. Commitments and payments are identical for expenditure which must be made in the same year, for instance, direct financial support to farmers”.