Ukraine will receive initial loans worth $4.5bn in the next few days to bolster the crisis-hit economy under the International Monetary Fund’s bail-out package, say officials in Kiev.

Victor Yushchenko, the president, welcomed the IMF decision on Wednesday to approve its $16.5bn (£10.5bn, €13bn) bail-out package, calling it a “signal to the international community to boost the rating of trust in our country”. Yulia Tymoshenko, the prime minister and the president’s bitter rival, called the loan a “great victory” that would allow Ukraine to “completely stabilise” its financial system.