General Motors has paid back $4.7 billion in government loans issued in 2009, clearing its outstanding arrears under the Treasury Department's rescue plan in order to contain the fallout from the economic slump.

The Treasury Department said that the company had finished repaying its total administration debt of $6.7 billion five years prior to the loan's due date and earlier than the company's own accelerated plan for giving back the money.

Treasury Secretary Tim Geithner stated, "We are encouraged that GM has repaid its debt well ahead of schedule and confident that the company is on a strong path to viability."

General Motors has been gradually retrieving from the disaster that tore through the US auto business as the United States fell into a recession.

The company emerged from economic failure in July while under a majority government control but has continued to post billions in losses in spite of augmented car sales.

The Bush government introduced the $700-billion administration plan to bailout much of the finance business to fend off further economic damage.

President Barack Obama continued the plan to the auto industry. (With Inputs from Agencies)