Greece on Monday completed an early repayment of 2.7 billion euros ($3.0 billion) in loans from the International Monetary Fund stemming from the country’s multi-billion bailout, the finance ministry said.

The ministry said the move “reduces borrowing costs…improves the viability of (Greece’s) public debt and further increases market confidence.”

According to the finance ministry, the IMF loans repaid bore an interest rate of 4.91 percent when current rates on Greek debt are far lower.

Finance Minister Christos Staikouras has said early repayment would save Greece around 70 million euros ($77 million).

The loans were part of a 289-billion-euro ($319 billion) EU-IMF rescue — given on condition of painful cutbacks — that kept Greece afloat amid a decade-long debt crisis.

The third and final bailout ended in August 2018.

Athens expects its economy to grow by 2.8 percent in 2020 while respecting fiscal pledges to the country’s creditors, according to the budget.