Biden administration to forgive almost $5 billion in economic loans to Ukraine

The Biden administration confirmed to Congress that it will forgive almost $5 billion in economic loans given to Ukraine.

State Department spokesperson Matthew Miller confirmed the forgiven loans during a Wednesday briefing. 

"So we have taken the step that was outlined in the law to cancel those loans, provide that economic assistance to Ukraine," he said, according to Fox News.

Miller explained that when Congress passed a bill to aid Ukraine back in April of this year, $9 billion of the aid was structured as a loan and the administration was allowed to forgive it.

Congress could pass a resolution that could overturn the cancellation. 

Rep. Thomas Massie, R-Ky., earlier this week introduced legislation to overturn the cancellation, but it is unlikely to pass in the Senate, which has a Democratic majority.