A possible technical default will not affect the Ukrainian banking system or the financial state of the country's citizens, Finance Minister Natalie Jaresko said on the TSN. Tyzhden TV program on Sunday night.

She said that the suspension of payments on foreign debts is equal to a technical default, but "we should not be afraid of this word."

"It won't affect our banking system. It won't affect the deposits of our citizens, the currency, our hryvnia. Someone deliberately uses [the word] to intimidate people when it is not necessary to do this," Jaresko said.

The finance minister also said that the International Monetary Fund provides public support to Ukraine and that Ukrainians should not feel that "all our lending programs will run out."