Hungary has repaid, ahead of schedule, obligations to the International Monetary Fund (IMF) amounting to 1.88 billion special drawing right (SDR), about 2.85 billion U.S. dollars, the Washington-based IMF said Monday.

This repayment completes the repayment of the 7.64 billion SDR, about 11.6 billion dollars, which Hungary had borrowed from the IMF during 2008-09 under its Stand-By Arrangement, the global lender said in a statement.

The amounts repaid early are obligations falling due in 2013 and 2014 under the original repayment schedule, said the IMF.

The IMF arrangement is designed to facilitate the rapid reduction of financial market stress in Hungary, while supporting the country's long-term economic reforms.