Iceland has repaid all of its obligations to the International Monetary Fund ahead of schedule. The final amount was due on 31 August of 2016.
The island continues to recover from its economic collapse seven years ago and the recession that followed. Their economy collapsed in 2008 amid a worldwide credit crunch.
Iceland borrowed approximately €1.8 billion from the IMF in 2008. The country repaid the last €292 million of the loan today.
Iceland’s Central Bank said in a statement that the early re-payment of the IMF loan is a sign of the success of the program and Iceland’s effective collaboration with IMF staff.
In March, Iceland withdrew its bid to join the European Union, saying its interests are best served outside the 28-nation bloc. EU spokeswoman Maja Kocijancic said the EU would “fully respect such a decision”, and underlined that Iceland remains an important partner.