{"id":18098,"date":"2024-11-21T07:46:41","date_gmt":"2024-11-21T07:46:41","guid":{"rendered":"https:\/\/gpt.m2mbeta.com\/?p=18098"},"modified":"2024-11-21T07:46:41","modified_gmt":"2024-11-21T07:46:41","slug":"white-house-plans-to-write-off-4-65-billion-of-ukraines-debt","status":"publish","type":"post","link":"https:\/\/gpt.m2mbeta.com\/?p=18098","title":{"rendered":"White House plans to write off $4.65 billion of Ukraine\u2019s debt"},"content":{"rendered":"
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\"REUTERS\/Erin
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REUTERS\/Erin Scott <\/p>\n<\/p><\/div>\n<\/header>\n

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The administration of U.S. President Joe Biden<\/a> has
\napproached Congress with a plan to forgive half of Ukraine’s economic aid debt,
\namounting to approximately $4.65 billion, Voice of America reported on Nov. 20.<\/p>\n<\/p><\/div>\n

U.S. State Department spokesperson Matthew Miller later confirmed this during a press briefing.<\/p>\n

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.<\/p>\n

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.<\/p>\n

“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.<\/p>\n

After the White House informs Congress about this decision, lawmakers can adopt a resolution opposing it. However, the State Department believes this is unlikely.<\/p>\n

\u201cI would be surprised if Congress took such a step, given the overwhelming bipartisan support in Congress for providing aid,\u201d added Miller.<\/p>\n

\u201cBut we will adhere to the law.\u201d<\/p>\n

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