Biden administration forgives $4.7 billion loans to Ukraine

Washington(The Uttam Hindu): The Biden administration has moved to forgive about $4.7 billion in US loans to Ukraine, State Department spokesperson Matthew Miller said. According to the statement made on Wednesday, outgoing officials seek to do what they can before leaving office to bolster Ukraine in its war against Russia.

A funding bill passed by the US Congress in April included over $9.4 billion of forgivable loans for economic and budgetary support to Ukraine's government, half of which the President could cancel after November 15. The bill appropriated a total of $61 billion to help Ukraine fight the full-scale invasion Moscow launched in February 2022.

"We have taken the step that was outlined in the law to cancel those loans," Miller told a press briefing, adding that the step was taken in recent days. However, Congress could still block the move, Miller added. President Joe Biden has ordered officials to rush as much aid to Ukraine as possible before he leaves office on January 20, amid concerns that President-elect Donald Trump could limit US support.