Yushchenko dissolved parliament on October 9 and announced snap elections to be held on December 7. The step was taken after parties' failure to form a new ruling coalition.
"I decided to postpone the voting day to December 14," he told reporters after a National Security and Defense Council meeting.
He also said he would reopen parliament for a few days.
"My decree on early elections was ignored by both the Cabinet and the prime minister [Yulia Tymoshenko]," the president said. He also accused Tymoshenko's bloc of hampering the elections by refusing to agree on campaign financing.
In a new decree issued on Monday and posted on the presidential website, Yushchenko suspended his October 9 decree, citing the need to "stabilize the political situation in the country and minimize the negative effects of the global financial crisis on Ukraine's economy."
Yushchenko's decree dissolving parliament and calling new elections for December 7, and instructions to allocate money for the election campaign, have been repeatedly blocked by the government led by opposition groups and the Tymoshenko bloc.
The government was ordered on Monday to allocate $80 million from state reserves for the election campaign.
The pro-Western ruling coalition collapsed on September 3 when the pro-presidential Our Ukraine withdrew from the alliance after Tymoshenko's bloc joined the opposition Party of Regions, led by Russia-friendly Viktor Yanukovych, to approve legislation substantially cutting presidential powers. Yushchenko called the move a "constitutional coup."
However, the presidential decree to dissolve parliament and call early polls was overturned on Saturday by the Kiev District Court, which ruled in favor of a lawsuit filed by the Yulia Tymoshenko Bloc against the president and the Central Election Commission.
In response, Yushchenko signed a decree last week abolishing the court, replacing it with two administrative courts.
Under the Ukrainian constitution, the president can dissolve parliament and call early elections if no majority coalition is formed within 30 days.
The coalition was officially dissolved on September 16 and, according to the Ukrainian law, elections must take place 60 days after parliament has been dissolved.
