Biden intends on writing off billions in Ukrainian debt
Biden intends on writing off billions in Ukrainian debt . (MENAFN) President Joe Biden has decided to write off around $4.7 billion in US taxpayer-funded loans to Ukraine as part of a broader strategy to support Kiev before the next administration under ...
América - MenaFN
(MENAFN) President Joe Biden has decided to write off around $4.7 billion in US taxpayer-funded loans to Ukraine as part of a broader strategy to support Kiev before the next administration under President-elect Donald begins. Since February 2022, the US has approved more than $174 billion in aid to Ukraine for its conflict with Russia, including over $9.4 billion in "forgivable loans" as part of a package passed in April to address Ukraine's budget shortfalls. The State Department confirmed on Wednesday that Biden plans to cancel half of the forgivable loans, amounting to $4.7 billion, citing the national interest of the US and its NATO and EU allies.

This move comes as Trump, during his campaign, stated he would allow more Ukraine aid as long as it was in the form of loans rather than direct financial gifts. The reclassification of aid as loans helped break a deadlock between the White House and Republicans over the $61 billion aid package approved in April. Senator Rand Paul has vowed to block the debt cancellation, arguing it unfairly burdens American taxpayers, and has introduced a resolution to prevent the move.

Ukraine's economy remains heavily dependent on Western aid, with the government projecting a deficit of 75% for 2025 and estimating a need for $12-15 billion to cover the gap. As of July, Ukraine’s public debt surpassed $152 billion, and the cost of servicing that debt has soared from $900 million to $5.2 billion this year. In addition, G7 countries finalized a separate $50 billion loan for Ukraine in October, supported by frozen Russian assets. Russia has condemned the freeze as theft and warned of retaliatory measures if the West proceeds with using its assets.

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https://menafn.com/1108919965/Biden-intends-on-writing-off-billions-in-Ukrainian-debt
2024-11-24
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(MENAFN) President Joe Biden has decided to write off around $4.7 billion in US taxpayer-funded loans to Ukraine as part of a broader strategy to support Kiev before the next administration under ...
Biden intends on writing off billions in Ukrainian debt