“The administration of US President Joe Biden has submitted a statement to Congress on the intention to cancel half of Ukraine’s debt for economic aid – approximately 4.65 billion dollars. Source: Voice of America, citing State Department spokesman Matthew Miller at a briefing on Wednesday, November 20. Details: The document gives Joe Biden the authority to forgive 50% of the April 2024 loan to Kyiv.”, — write: www.pravda.com.ua
The administration of US President Joe Biden has submitted a statement to Congress on the intention to cancel half of Ukraine’s debt for economic assistance – approximately 4.65 billion dollars.
Source: “Voice of America” citing State Department spokesman Matthew Miller at a briefing on Wednesday, November 20
Details: The document gives Joe Biden the authority to forgive 50% of the loan granted to Kyiv in April 2024. Then it was about additional appropriations for the security of Ukraine in the amount of about 61 billion dollars in April 2024. Of these, about 10 billion dollars were provided to Kyiv not on a free basis, but as a conditional revolving loan.
It is foreseen that from November 15, 2024 – a week after the US presidential election, the current president can forgive up to 50% of this loan, while the other 50% of the loan can be forgiven on January 1, 2026 by the next president.
straight language Miller: “We took a step that was outlined in the law to cancel these loans for economic assistance to Ukraine, and now Congress can take it.”
Details: After the White House notifies Congress of the decision, lawmakers can pass a resolution objecting to it. However, Miller believes that will not happen.