U.S. House of Representatives Passes García’s Bill to Suspend Ukraine’s International Debt Payments
U.S. House of Representatives Passes García’s Bill to Suspend Ukraine’s International Debt Payments
WASHINGTON, DC — Today, the U.S. House of Representatives passed the Ukraine Comprehensive Debt Payment Relief Act, a bill introduced by Congressman Jesús “Chuy” García (IL-04) with the support of Congressman Jim Himes (CT-04), Congressman David Scott (GA-13), Congresswoman Alexandria Ocasio-Cortez (NY-14), and Congressman Mike Quigley (IL-05). This legislation will bring vital debt relief to Ukraine by instructing U.S. representatives at international financial institutions to use their voice and vote to pursue comprehensive relief for all debt payment owed to those institutions by Ukraine.
“Instead of paying debts to institutions like the IMF, Ukraine needs its money to defend itself, support its people, and eventually rebuild. I am proud that our bill to suspend Ukraine’s debt to international financial institutions just passed the House,” said Congressman García. “I urge my colleagues in the Senate to bring this bill to a vote so President Biden can sign it into law and give Ukraine the debt relief it desperately needs.”
“As Ukraine struggles valiantly to fend off an unprovoked and brutal attack by Putin’s Russia, the international community has a moral obligation to ease its financial burden,” said Congressman Himes. “This bill is a small but important measure we can take to allow the Ukrainian people to focus their attention, energy, and resources toward combating Russian aggression.”
“The United States and our allies must use every tool at our disposal to support Ukraine as they fight for their democracy. I’m glad that the House took one step toward that goal today by voting to suspend Ukraine’s debt obligations,” said Congressman Quigley. “This economic relief will ensure that Ukrainians have access to all of their resources as they continue their defense against Putin’s invasion.”
The Ukraine Comprehensive Debt Payment Relief Act:
- Directs U.S. representatives at international financial institutions including the World Bank and the IMF to support the immediate suspension of Ukraine’s debt payments;
- Directs the Secretary of the Treasury and Secretary of State to help coordinate comprehensive debt relief for Ukraine from government and commercial creditors; and
- Directs U.S. representatives to support concessional financial assistance for Ukraine at the international financial institutions.
- Directs U.S. representatives to seek economic support for refugees from Ukraine and for countries receiving refugees from Ukraine.
Congressman Jesús “Chuy” García (IL-04) is a member of the House Financial Services Committee; Congressman Jim Himes (CT-04) is Chair of the House Financial Services Committee’s Subcommittee on National Security, International Development, and Monetary Policy; Congressman David Scott (GA-13) is Chair of the House Agriculture Committee and a Member of the House Financial Services Committee; Congresswoman Alexandria Ocasio-Cortez (NY-14) is a member of the House Financial Services Committee; and Congressman Mike Quigley (IL-05) is Co-Chair of the Congressional Ukraine Caucus.
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