On his way out the door, Joe Biden plans to write off about $4.7 billion in taxpayer-funded loans to Ukraine.
Since February 2022, the US Congress has approved more than $174 billion in aid packages to support Ukraine in its conflict with Russia. The latest tranche, approved in April, included over $9.4 billion in “forgivable loans” to help fill the gap in Kiev’s budget.
They care about Kiev’s budget, but we don’t have one.
“We have taken the step that was outlined in the law to cancel those loans,” State Department spokesperson Matthew Miller said on Wednesday, confirming that Biden seeks to write off half of that amount, or roughly $4.7 billion.
According to Bloomberg, the State Department claimed in a November 18 letter to Congress that canceling the debt is in the “national interest of the United States and its EU, G7+, and NATO partners. ”
President-elect Donald Trump stated on the campaign trail that he would not oppose Congress approving more aid to Ukraine as long as the assistance is given in the form of loans rather than taxpayer-funded gifts.
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