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Talks towards the European Union's COVID-19 recovery fund still have a long way to go before a summit of EU leaders later this month, Reuters reported referring to a senior EU official involved in the talks.

The official, who speaks on condition of anonymity, said that the talks intend to keep the proposed recovery fund at EUR 750 billion, but slightly reduce the size of the EU multi-year budget.

According to the official, European Council President Charles Michel will propose a budget for 2021- 2027 of between EUR 1.05 billion and EUR 1.94 billion.

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