Reps. García, Himes, Quigley, Ocasio-Cortez and Scott Introduce Bill to Suspend Ukraine’s International Debt Payments

Reps. García, Himes, Quigley, Ocasio-Cortez, and Scott Introduce Bill to Suspend Ukraine's International Debt Payments

WASHINGTON, DC- Yesterday, Congressman Jesús "Chuy" García (IL-04), Congressman Jim Himes (CT-04), Congressman David Scott (GA-13), Congresswoman Alexandria Ocasio-Cortez (NY-14), and Congressman Mike Quigley (IL-05), introduced the Ukraine Comprehensive Debt Payment Relief Act to bring vital debt relief to Ukraine as the nation fights Russia's illegal invasion.

"It's outrageous for the IMF and other creditors to collect debt payments from Ukraine while the country fights for its independence against Russian aggression. Ukraine needs all its resources for defense and reconstruction, and the United States should take the lead in demanding relief," said Congressman García. "Even before the invasion, Ukraine owed billions of dollars to development institutions like the International Monetary Fund. My bill provides some immediate relief and I'll keep working toward a fairer international financial system that doesn't punish economically distressed countries with burdensome surcharges and austerity."

"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. 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," said Congressman Himes.

"Ukraine is not only fighting for its independence, it's fighting for the values and ideals Americans hold dear. As they continue this difficult fight, it is critical the United States and our allies from across the world provide Ukraine with economic relief. Suspending Ukraine's debt obligations will remove a severe economic drain and free up resources needed to continue its defense against Putin's invasion," said Congressman Quigley.

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.

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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