Chicago – November 22, 2024
The Biden administration has announced plans to cancel $4.65 billion in loans owed by Ukraine, cutting in half an economic loan provided earlier this year. State Department spokesperson Matthew Miller confirmed the decision during a press briefing on Wednesday.
Miller explained that the loan forgiveness was authorized under a supplemental funding package passed by Congress in April. The $60 billion package included $9 billion in loans to Ukraine, with a provision allowing the administration to cancel half the debt. “We have taken the step outlined in the law to cancel those loans and provide economic support to Ukraine,” Miller said.
However, some lawmakers are pushing back. Rep. Thomas Massie (R-Ky.) introduced a resolution to block the cancellation, and Sen. Rand Paul (R-Ky.) plans to do the same in the Senate. While these resolutions are unlikely to succeed in the Democrat-led Senate, and President Biden could veto them, the administration also has the authority to forgive the remaining 50% after January 2026.
