The President of the United States will have the right to write off the funds intended for Ukraine as financial assistance, according to the respective bill.
According to the initiative of the Speaker of the United States House of Representatives Mike Johnson, it is proposed to allocate $7.8 billion in direct financial assistance to Ukraine in the form of a loan.
However, the bill includes a provision that would allow the President of the United States to cancel half, and later, the entire debt.
Specifically, after November 15, 2024, the President, upon submission of the appropriate justification to Congress, may cancel up to half of the debt. And starting from January 1, 2026, the president will have the right to cancel the entire debt.
It is worth noting that the presidential election will take place in the United States in November 2024. Therefore, it is currently unknown whether the decision to cancel the debt for Ukraine will depend on the outcome of those elections.
US aid to Ukraine
Since last fall, the United States has been trying to find funds to provide financial assistance to Ukraine. In February of this year, the Senate finally approved a bill that provides funds for assistance to Ukraine, Israel, and other US partners.
In particular, Ukraine is allocated over $60 billion under this bill.
Today, the Speaker of the House of Representatives published the text of the initiative for financing assistance to Ukraine. It is known that it could be approved as early as this Saturday.
More details about what exactly is included in the Speaker's initiative can be found in the material by RBC-Ukraine.
