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This paper analyzes the financing of higher education within the budgetary context of the French-speaking community in Belgium. In the first section, we present the general rules governing financing in the French-speaking community, including education. We then examine the impact of the new financing system for universities, agreed upon in 2004. Next, we look at the evolution of education expenditures since 1991 by level, globally, and per student, and we make comparisons with the expenditures of the Flemish community. Finally, we conclude by commenting on challenges to higher education and scientific research in terms of growth and employment.