Biden administration plans to forgive $4.7 billion in loans to Ukraine

The Biden administration plans to forgive approximately $4.7 billion in U.S. loans to Ukraine, according to State Department spokesperson Matthew Miller. This decision follows a funding bill passed in April that allowed for such loan forgiveness. The bill included over $9.4 billion in forgivable loans for Ukraine's economic support, with half eligible for cancellation after November 15. Congress could still oppose this move, as a Senate vote on a disapproval motion is scheduled. President Biden is pushing to expedite aid to Ukraine before leaving office on January 20, amid concerns that President-elect Donald Trump may reduce U.S. support. Most senators from both parties continue to back aid for Ukraine.