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Biden Administration Seeks to Forgive $4.7 Billion in Ukraine Loans

Nov 20, 2024, 09:57 PM

In the final weeks of his presidency, President Joe Biden has initiated a move to forgive $4.65 billion in loans provided to Ukraine. This amount constitutes nearly half of the total $10 billion conditional revolving loan granted to Kyiv. The Biden administration has submitted a request to Congress to approve the cancellation of this debt, emphasizing that this step is in line with the existing legislation. The remaining half of the loan could potentially be canceled by the incoming administration in 2026. The decision, reported by Reuters, has sparked controversy, with critics arguing that the funds could be better utilized for domestic issues such as securing the southern border or aiding hurricane victims. Some critics also note that the move is politically unpopular.