This was the announcement made by Minister for Finance Michael Noonan yesterday.
Ireland has recently secured an agreement from the European Union to pay the IMF before it repays aid from the EU bailout funds.
The Government will be replacing the more expensive loans with a more affordable funding option that will reduce the cost of carrying the country’s national debt.
The first payment will result in a reduction of the country’s interest bill of about €750m.
Mr. Noonan said that loan repayments will occur on two separate dates in December, with further payments planned for next year.