The US is ready to write off half of Ukraine's $4.65 billion debt: what is known about the conditions
Kyiv • UNN
The Biden administration has submitted to Congress a statement of intent to cancel half of Ukraine's economic debt. The decision may be made after the US presidential election on November 15, 2024.
The United States plans to cancel half of Ukraine's $4.65 billion in economic aid debt. This is reported by the Voice of America, according to UNN.
Details
The administration of US President Joe Biden has submitted a statement to Congress expressing its intention to cancel half of Ukraine's economic aid debt. This is about $4.65 billion of the total economic loan that was provided to Ukraine as part of the support package.
Under the terms of the legislation passed in April 2024, Washington provided Kyiv with about $10 billion in conditional repayable economic aid. The law provides that this amount can be partially forgiven. Biden is authorized to cancel up to 50% of the loan starting November 15, 2024, after the US presidential election. The remaining 50% can be canceled by the next US president on January 1, 2026.
The decision to notify Congress of the intention to cancel some of the debt is part of the administration's efforts to support Ukraine in its economic and military struggles. Now, after the White House's notification, Congress has time to consider possible objections. However, administration officials believe that objections from lawmakers are unlikely, given the broad bipartisan support for aid to Ukraine in Congress.
