Outgoing US President Joe Biden has decided to write off about $4.7 billion in taxpayer-funded loans to Ukraine as part of a broader effort to bolster Kiev before President-elect Donald Trump takes office next year.
Since February 2022, the US Congress has approved more than $174 billion in aid packages to support Ukraine in its conflict with Russia. The latest tranche, approved in April, included over $9.4 billion in “forgivable loans” to help fill the gap in Kiev’s budget.
“We have taken the step that was outlined in the law to cancel those loans,” State Department spokesperson Matthew Miller said on Wednesday, confirming that Biden seeks to write off half of that amount, or roughly $4.7 billion.