Ukraine's President Petro Poroshenko has said that Ukraine managed to avoid a financial default thanks to the reforms it implemented.

"Today we can definitely say that we managed to avoid the default that seemed inevitable only a year ago," he said at a briefing held jointly with the United States Vice President Joseph Biden in Kyiv on Monday.

A number of economic successes have been achieved, in particular, the clearing of the banking system from toxic assets, diversification of energy supplies and ensuring the transparency of the energy market, as well as the restructuring of sovereign debt and several others, Poroshenko said.