You're reading: Poroshenko explains fall of living standards of Ukrainians

President of Ukraine Petro Poroshenko has said that the decline in citizens' living standards is the social cost of Russian aggression, though he noted that the country's authorities have done everything possible in order to smooth it.

“Falling standards of living, poverty, financial problems of the overwhelming majority of Ukrainians, high social cost of the Russian aggression – are the things which are extremely difficult to bear. On the one hand, I do not know examples in history where the country’s economy flourishes in conditions of hostilities. We have done everything we could to avoid a default, ensure macroeconomic stability and maintain a critical minimum of social guarantees,” he said during his annual message to the Verkhovna Rada on Sept. 6.

The president noted that the government in cooperation with the international financial institutions should have followed tough and unpopular reforms, especially in the tariff area.

According to Poroshenko, he understands those affected by these unpopular steps, but stressed that there would be complete economic disaster and social collapse without them.

The president added that he is dissatisfied with the pace of reforms and understands they do not meet the expectations of society.

“There is the need to accelerate the comprehensive modernization of the system in all spheres,” he said.