Greece will for the first time repay 2.7 billion euros in loans owed to eurozone countries earlier, finance ministry officials told Reuters on Thursday.

This will be the first time he has repaid his eurozone debt earlier than planned. It is also a move to improve debt sustainability.

“We plan to early repay the €2.7 billion GLF loans due in 2023,” one official told Reuters, adding that the payment would be made before the end of the year.

“Thus, we will normalize our debt repayment profile and reduce borrowing needs next year in the face of rising interest rates,” the official added.

Greece received 53 billion euros in transnational loans from eurozone countries (GLF) under the first memorandum with repayment until 2041. Thus, by the end of the year, Greece will repay a total of 8 billion euros.

Earlier this year, finance staff began repaying the latest IMF loans two years ahead of schedule. Started paying GLF in 2020.

The country has a cash reserve of 39 billion euros and can cover its borrowing needs for at least two years without resorting to borrowing in the markets.