Ukraine avoids default, stabilizes financial system - Poroshenko

14:50, 21.11.2015 1 min read

Ukrainian President Petro Poroshenko has said that Ukraine has managed to avoid default and stabilize its financial system.

"Haven't we avoided almost inevitable default? Moreover, we're stabilized the financial system, wrote off a part of foreign debt, restored and replenished forex reserves," the president said in his address to Ukrainians on the occasion of Day of Dignity and Freedom on Saturday.

He said that Ukraine's GDP first in the past six quarters showed a small, but growth compared to the previous three months.

"This turning point for the long trend inspires confidence in the forecast for restoration of the economic uplift next year," Poroshenko said.

He also said that despite the fact that amendments to the Constitution are to pass second reading in the parliament, the financial opportunities of local self-government agencies have been increased by 40%.