Biden Proposes Forgiving $4.7 Billion, Nearly Half of Ukraine's Debt

Nov 20, 2024, 08:59 PM

The Biden administration has notified Congress of its plan to forgive $4.65 billion (reported as $4.7 billion by some sources) in loans to Ukraine that were originally intended to be repaid. This move, confirmed by State Department spokesperson Matthew Miller and reported by Reuters, aims to support Ukraine by canceling nearly half of its economic debt to the United States. The loans, amounting to almost $10 billion, were provided as conditional loans rather than free aid. The proposal aligns with provisions in an aid package approved by Congress in April, which allows up to 50% loan forgiveness.