General Motors has announced the beginning of loan repayments to the US, Canadian and Ontario governments, coughing out $1.0 billion to the US Treasury and $192 million to Export Development Canada.

“We are grateful for the support the governments have provided us. We look forward to continuing repayments through June 2010, at which time the balances will be paid in full, assuming no downturn in the economy or business,” the press release said.

The US government, which now owns 60 per cent of GM, will recover $6.7 billion in June should GM’s promise hold through.