The UK will repay debts owed to the US dating from the World War II by the end of this year, the government says.
US help to the UK was invaluable during the war
Under the lend-lease programme, which began in March 1941, the then neutral US could provide countries fighting Hitler with war material.
The US joined the war soon after - in the wake of the attack on Pearl Harbour - and the programme ended in 1945.
The final payment of £45m will be made by the 31 December, meeting a 1945 obligation to repay the debt in full.
"Repayment of the war loans to the US Government is expected to be completed on December 31 2006," the Treasury's Ivan Lewis said in a written commons reply.