EU to review allocation of multibillion-dollar foreign aid - Bloomberg
Illustrative photo: The EU will review aid to other countries (Getty Images)
The European Union wants to review its multibillion-dollar foreign aid. This step is necessary to ensure that funds are allocated in line with the bloc's foreign policy interests, Bloomberg reports.
According to the media outlet, the European Commission wants to review foreign aid and make it more "targeted toward partners."
Bloomberg writes that this is explained by the need to safeguard the EU's strategic interests, including strengthening alliances with like-minded countries, securing access to raw materials, and curbing the flow of migrants.
At the same time, in the coming weeks, the European Commission will present ideas for improving its next seven-year budget for the period from 2028 to 2034.
The outlet notes that the EU and its member states are the largest donors of international aid in the world, providing around 96 billion euros ($99 billion) in 2023, while the US spent about $72 billion on foreign aid.
Trump suspended foreign aid
Previously, US President Donald Trump suspended funding for aid programs to other countries.
In particular, the implementation of projects by the United States Agency for International Development (USAID) was halted. These programs were also operating in Ukraine.
According to the American leader, an "unprecedented level" of corruption was discovered within the Agency. As a result, Trump called for the closure of USAID.
