President of Ukraine Petro Poroshenko has said that Ukraine's government has prevented default and has provided micro-financial stabilization in the country.

"Under the conditions of a destroying military shock for economics, we, as one team with you, didn't allow default [to happen], granted micro-financial stabilization and now, as soon as a petty possibility occurred, are making the first step to improve social standards," Poroshenko said during an extended sitting of the Cabinet of Ministers in Kyiv on Tuesday.

He stressed that the country-aggressor Russia was waiting for Ukraine to go into default.

"The main thing is that we managed to eliminate that default, which the country-aggressor [Russia] was waiting from us. The default, which might give a chance to aggressor to immediately set huge debts to pay, we won't give it a chance," he said.

Poroshenko added that business activity is beginning to increase in Ukraine, and that economic growth will resume in the near future.