Ukrainian President Petro Poroshenko has said that the state of the Ukrainian economy makes it possible not to take loans from international financial institutions (IFIs), although the country's authorities have to attract them to make the peak payments on old debts.

"Would it have been possible to do without raising the tariffs? It is unlikely, since the stability of the economy just needs funding – the European Union's macrofinancial help, the IMF tranche, and the World Bank's loan. All of these are tied to appropriate decisions. The current state of the economy in principle makes it possible to refuse loans from international financial institutions," Poroshenko said, speaking at the Regional Development Council in Kyiv on Monday.

He said that this was the result of four years of joint work of the authorities of the country.

"We would have done so if we did not have to overcome peak loads of paying old debts in 2019 and 2020. These are statistical tables without any political passions, without any party colors. These are statistics and everyone can to make sure of... who and with what indicator of public and publicly guaranteed debt came to power, and at what point he quitted," the head of state said.

He said that the main indicator here is the difference in the amount of debt existing at the time of coming to power and left to descendants, and not a statement that they had repaid a certain amount of money since this repayment was made by attracting new loans.

"So, from 2007... to 2009, this amount of debt load increased by $23 billion and not a cent less. This is the increased debt load that was made in these years. From 2010 to 2013, it was an additional $32 billion," Poroshenko said.

At the same time, the president said that the fundamental position of the Ukrainian authorities is to switch to their own strength: "Instead of loans, to attract investments. The lion's share of loans goes to pay off previous debts, but not to eat away. We are developing now through investments."