At a March 2 emergency session, parliament approved amendments to the nation's $20 billion budget based on an exchange rate of Hr 21.7 to the dollar, inflation at 26 percent and the allocation of an additional Hr 12.5 billion for energy subsidies due to planned hikes in gas and heating tariffs. The lawmakers also backed a 15 percent pension cutback for retirees who continue working after retirement.
The austerity measures are required to unlock four-year $25 billion loan package, including $17,5 billion from the International Monetary Fund and $7,5 billion from G7 countries and other lenders.
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