Cyprus has submitted a proposal for the European Union’s next multiannual financial framework covering 2028 to 2034, which President Nikos Christodoulides described as a "significant milestone" in the ongoing budget negotiations. The submission, referred to as a "negotiating box," includes concrete figures for the first time and aims to balance compromise, ambition, and flexibility to enhance Europe's competitiveness, security, resilience, and strategic autonomy.

The proposal outlines a budget over €32 billion smaller than last year’s European Commission draft, with the largest share allocated to cohesion, agriculture, fisheries, social, and migration policies. Cyprus advocates for largely protecting the EU’s cohesion budget and related regional development, which has sparked criticism from some member states favoring increased defense and competitiveness spending. Dutch officials labeled the plan "unbalanced" and "unaffordable."

EU member state ambassadors are set to deliberate the proposal ahead of a European Council summit next week, with Cyprus aiming for an agreement by the end of 2026. Ireland will take over the EU Council presidency next month and plans to present a revised negotiating box in October to continue budget discussions.