Biden Administration Seeks to Cancel $4.6 Billion of Ukraine's Debt
Source: Bloomberg
November 20, 2024 at 7:38 PM EST
Updated on November 20, 2024 at 8:51 PM EST
The Biden administration told Congress it plans to cancel $4.65 billion in debt owed by Ukraine, according to a letter obtained by Bloomberg News, the latest in a series of moves meant to bolster support for Kyiv before President-elect Donald Trump takes office.
The White House will cancel half of a $9 billion loan delivered to Ukraine as part of a $60 billion supplemental package approved in April. The loan idea was first floated by Trump during the campaign and was a key tweak to the legislation made by House Republican leaders, though the administration had always signaled a part of it would be forgiven.
Canceling the debt, “thereby helping Ukraine prevail, is in the national interest of the United States and its EU, G7+, and NATO partners,” the State Department said in a letter to Congress dated Nov. 18.
The move is part of a broader effort by President Joe Biden to rush more support to Kyiv before Trump returns to the White House in January. He has said his priority is pushing Russia and Ukraine toward peace negotiations, and Kyiv’s supporters fear he may cut off aid as part of that push.
Read more: https://www.bloomberg.com/news/articles/2024-11-21/biden-white-house-seeks-to-cancel-4-6-billion-of-ukraine-s-debt
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