Biden seeks to cancel over $4.5 billion of Ukraine's debt

U.S. President Joe Biden has submitted to Congress a statement of intent to cancel half of Ukraine's economic aid debt, a sum of around $4.65 billion, U.S. State Department spokesperson Matthew Miller said in a press briefing on Nov. 20.

The supplemental security assistance package worth $61 billion that Congress provided to Ukraine in April included about $10 billion in economic aid as a loan, rather than a grant. The terms of the offer gave Biden the authority to forgive up to 50 percent of the loan.

"We have taken the step that was outlined in the law to cancel those loans, provide that economic assistance to Ukraine, and now Congress is welcome to take it up if they wish," Miller told reporters.