The Finance Minister has announced that Ireland is going to pay back the rest of its bailout loan early. The IMF, Sweden and Denmark will get €5.5bn back sooner than first thought.
Christine LeGarde, the boss of the International Monetary Fund, approved the deal this morning which means that Ireland will save about €150m in interest.
Minister Paschal Donohoe said that "this will not affect where we will be for 2018, but what it is a crucial part of how Ireland in the future can reduce its debt servicing costs".
Frank O'Connor, Director of Funding & Debt Managament at the NTMA, said "This is not the first time Ireland has made an early repayment of programme loans."
"The NTMA has previously implemented arrangements to repay over €18bn in IMF facilities to take advantage of reduced market borrowing costs and create savings for the Exchequer", he said.