Ireland has repaid the remaining €4.5 billion it owes the International Monetary Fund (IMF) just a day after it paid back €1 billion in bilateral loans from Sweden and Denmark.

The National Treasury Management Agency said late on Wednesday it had completed early repayment of the full outstanding IMF loan facility in a move that discharges all of the loan obligations that were due to fall from January 2021 to December 2023.

Earlier this week Ireland repaid a €600 million loan to Sweden and a €400 million loan to Denmark ahead of schedule.

The combined savings from servicing all the loans early is expected to be around €150 million.

The Danish finance ministry on Tuesday praised Ireland for its “exemplary” approach to restoring its public finances after repaying the loan, which was offered as part of the international recovery package at the time of the financial crisis.