The International Monetary Fund says Iceland has repaid all of its remaining obligations — ahead of schedule — as the island nation presses on with its recovery following its economic collapse seven years ago.

The IMF said Friday that Iceland repaid $332 million, ending the rescue program that began in the 2008 financial crisis when the overly-leveraged economy collapsed under the strain of a worldwide credit squeeze.

The small north Atlantic nation had borrowed a total of about $2.1 billion, and the repurchase consolidates 11 repurchases that would have fallen due by Aug. 31, 2016.

Iceland's Central Bank said in a statement that the early retirement of the IMF loan is a sign of the success of the program and Iceland's effective collaboration with IMF staff.