22:04 GMT07 August 2020
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    The European Union held a four-day summit, agreeing on Tuesday on a seven-year budget and COVID-19 economic recovery fund totalling €1.82 trillion.

    The European Parliament has warned it could refuse to adopt the recently-agreed EU budget as the legislative body is holding an extraordinary plenary session, AFP reported.

    Some 465 parliamentarians voted in support of a motion calling for changes to the draft financial plan. The resolution warned that lawmakers could block the budget if improvements aren't made before another vote later this year. The resolution was voted down by some 150 MEPs.

    In the early hours of Tuesday, the EU leaders wrapped up their four-day first in-person summit in Brussels since the beginning of the pandemic and managed to agree a €1.074 trillion long-term EU budget for 2021-2027 and the €750 billion economic recovery fund.

    The recovery fund is set to be distributed in the form of loans and grants among the EU countries that suffered the most from the COVID-19 epidemic.

    The new arrangements require the approval of the European Parliament in order to take effect.

    Tags:
    European Parliament, recovery, budget, EU
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