Around the World: Ukraine

PM cuts salary by half

Ukrainian Prime Minister Yulia Tymoshenko and her Cabinet cut their own salaries in half yesterday and urged lawmakers to follow suit as economic crisis grips the country.

Ukraine is among the countries hardest-hit in the global financial meltdown, which has depressed demand for the steel and chemicals that are crucial sources of its export income. Industrial output fell by nearly one-third in February, year-on-year, the national currency has shed nearly half its value against the US dollar since September and the economy is expected to shrink by 6 percent this year.