The United Nations voted Saturday to cut its budget for only the second time in its history, AFP reported.
After a long night of negotiations, a deal was struck setting the 2012-2013 budget at $5.15 billion, down from the previous budget of $5.41 billion.
Both the US and European countries supported the budget cuts. US negotiator Joseph Torsella was quoted by AFP as saying the new budget would provide for "a strengthened, more efficient, and more effective United Nations that saves the American taxpayers millions of dollars and sets the United Nations on the path of real fiscal discipline and continued reform."
UN Secretary-General Ban Ki-moon praised the new budget and vowed more cuts in the future. "Governments and people everywhere are struggling," he stated.