Ukraine has managed to avoid default and stabilize the macroeconomic situation in the country, Ukrainian President Petro Poroshenko has said.

"The large-scale macroeconomic aid from the IMF [International Monetary Fund] and other international organizations, the EU countries, the United States and other states [the most recent example is the decision of G7 to support Ukraine in restructuring its foreign debts] – everything together with no simple and not very popular decisions and effective actions of all branches of power allowed [the country] to avoid default, which seemed to be inevitable, stabilizing the macroeconomic situation and paying wages and pensions without delays, slowing the decline of the economy and overcoming panic on the currency market," Poroshenko said while addressing the parliament in his annual speech on Thursday.