REUTERS/Erin Scott
The administration of U.S. President Joe Biden has
approached Congress with a plan to forgive half of Ukraine’s economic aid debt,
amounting to approximately $4.65 billion, Voice of America reported on Nov. 20.
U.S. State Department spokesperson Matthew Miller later confirmed this during a press briefing.
In April 2024, Congress passed the Ukraine Security Supplemental Appropriations Act, allocating about $61 billion. Under this law, economic aid of $10 billion is provided as a conditional loan that can be partially forgiven. The legislation allows to write off up to 50% of this amount.
According to the document, the sitting U.S. president may forgive up to 50% of the loan from Nov. 15, 2024, and the remainder by the new president starting Jan. 1, 2026.
“We have taken the step outlined in the law to forgive these loans for the economic aid provided to Ukraine, and now Congress can act on it,” Miller said.
After the White House informs Congress about this decision, lawmakers can adopt a resolution opposing it. However, the State Department believes this is unlikely.
“I would be surprised if Congress took such a step, given the overwhelming bipartisan support in Congress for providing aid,” added Miller.
“But we will adhere to the law.”
Follow us on Twitter, Facebook and
Google News
Source: politics.einnews.com…