The Bulgarian finance ministry said it had repaid 275.1 mln eur (428 mln usd) in debt to the International Bank for Reconstruction and Development (IBRD), 10 years ahead of schedule.

Some six IBRD loans totaling 266.9 mln eur plus 12.8 mln usd were repaid, as well as due interest payments.

Originally, the loans would had to have been repaid by 2018-2021.

Sofia had decided to repay the loans early so as to cut the government's overall net debt and reduce interest payments, it said.

Following repayment, the government's total net debt stood at 5.1 bln eur, equivalent to 17.8 pct of gross domestic product (GDP), The Thomson Financial reports.

According to data compiled by the Bulgarian central bank, the country's overall debt amounted to 27.0 bln eur or 94.6 pct of GDP.