Biden to cancel $4.7B in Ukrainian debt as time in office nears end

November 21, 2024

Ryan Robertson, Anchor

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With just weeks left in his presidency, President Joe Biden is working to secure support for Ukraine before President-elect Donald Trump takes office on Jan. 20. As he hits the lame-duck portion of his presidency, Biden announced on Wednesday, Nov. 20, the forgiveness of $4.7 billion in Ukrainian debt.

The president does have the authority to forgive the debt due to U.S. Congress granting him the power in an April funding bill that approved $9.4 billion in loan forgiveness.

The move by Biden is important to the White House because some within the administration are reportedly concerned Trump could limit U.S. funding for the war.

The White House and Ukraine said the loan forgiveness will give Ukraine the ability to maintain its defense while keeping government functions intact.

However, some Republicans have issues with the plan. They argue loan forgiveness before leaving office won’t have the proper oversight and sets a bad precedent for lame-duck presidential actions.

Other actions taken by the Biden administration recently include shipping anti-personnel land mines to Ukraine and authorizing Ukraine’s armed forces to strike targets in Russia with long-range ATACMS.

The White House says its decisions are in response to Moscow using around 10,000 North Korean troops to clear Ukrainian forces out of the Kursk region.

Tags: Donald Trump, Joe Biden, Kyiv, Moscow, Presidential Campaign, Russia, Russia-Ukraine War, Russian Defense Ministry, Ukraine, Ukraine aid, Ukraine Defense Ministry, Vladimir Putin, Volodymyr Zelenskyy, Washington DC, White House

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- The administration of US President Joe Biden will write off Ukraine's $4.65 billion debt
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Full story

The president does have the authority to forgive the debt due to U.S. Congress granting him the power in an April funding bill that approved $9.4 billion in loan forgiveness.

The move by Biden is important to the White House because some within the administration are reportedly concerned Trump could limit U.S. funding for the war.

The White House and Ukraine said the loan forgiveness will give Ukraine the ability to maintain its defense while keeping government functions intact.

However, some Republicans have issues with the plan. They argue loan forgiveness before leaving office won’t have the proper oversight and sets a bad precedent for lame-duck presidential actions.

The White House says its decisions are in response to Moscow using around 10,000 North Korean troops to clear Ukrainian forces out of the Kursk region.