Ukrainian Prime Minister Yulia Tymoshenko and her Cabinet cut their own salaries in half Wednesday 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 U.S. dollar since September and the economy is expected to shrink by 6 percent this year.

The salary cuts for Tymoshenko and the other ministers, announced in a Cabinet statement, came as Ukraine’s divided leadership juggles public concern over the economic crisis with efforts to secure a $16.4 billion loan from the International Monetary Fund. The loan was suspended last month due to Tymoshenko’s reluctance to make the unpopular move of cutting social spending ahead of a presidential election expected late this year.