LISBON—Portugal will move to repay the bailout loans it received from the International Monetary Fund early to take advantage of falling interest rates, the country’s finance minister said on Wednesday.

Like eurozone peer Ireland, that has already repaid early almost half of the IMF loans it negotiated under its 2010 bailout, Portugal is eager to save on annual interest payments. Lisbon requested a €78 billion ($90 billion) bailout from the IMF and the European Union in 2011 after it lost access to markets for funding. From...