## The Rapid Credit Facility (RCF)

## Source details

**Canonical URL:** [The Rapid Credit Facility (RCF)](https://www.imf.org/-/media/files/factsheets/english/2025/the-rapid-credit-facility-rcf-2025final.pdf)

## Other formats

- [Markdown version](/-/media/files/factsheets/english/2025/the-rapid-credit-facility-rcf-2025final.pdf.md)
- [Structured JSON version](/-/media/files/factsheets/english/2025/the-rapid-credit-facility-rcf-2025final.pdf.json)

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### Purpose
- Provide assistance to countries experiencing serious payment imbalances because of structural impediments or slow growth and an inherently weak balance-of-payments position.
- Respond to situations where a full-fledged economic program is not necessary because the need is transitory and limited in nature, or not feasible, including when facing capacity constraints of policy implementation.
- Support comprehensive programs with a focus on policies needed to correct structural imbalances over an extended period.

### Eligibility and Windows
- Eligibility: All PRGT-eligible member countries facing an urgent balance of payments need. Higher income countries not PRGT-eligible can use the Rapid Financing Instrument (RFI).
- Three windows:
  - Regular: Urgent balance of payments needs caused by sources including domestic instability, emergencies, and fragility.
  - Exogenous shock: Urgent balance of payments needs caused by a sudden, exogenous shock.
  - Large natural disaster: Urgent balance of payments needs from natural disasters where damage is assessed to be equivalent to or exceed 20 percent of the member’s GDP.
- Note: The Food Shock Window expired at end-March 2024.

### Conditionality and Review
- Conditionality:
  - No ex-post program-based conditionality or reviews, although prior actions sometimes apply.
  - Economic policies should aim at addressing the underlying balance of payments difficulties and support the country's poverty reduction and growth objectives.
- Review modalities:
  - No reviews.

### Terms
- Duration:
  - Single Disbursement.
- Repayment:
  - Grace period of 5½ years, and a final maturity of 10 years.
- Interest rate:
  - Tiered interest rate structure effective for all programs approved on or after May 1, 2025.
    - Tier 1: Lowest income LICs – 0 percent.
    - Tier 2A: Higher-income, presumed blenders – 70 percent of SDRi*
    - Tier 2B: Higher-income, non-presumed blenders – 40 percent of SDRi*
- Access:
  - Subject to annual and cumulative limits. Current cumulative access limits of the exogenous shock window and large natural disaster window will be reviewed by December 2025.
  - Regular window:
    - Access up to 50 percent of quota per year and 100 percent of quota on a cumulative basis, with the annual access subject to a norm of 25 percent of quota.
    - A per disbursement limit of 25 percent of quota.
  - Exogenous shock window:
    - Access up to 50 percent of quota per year and 100 percent of quota on a cumulative basis.
    - Cumulative access limit temporarily raised to 150 percent of quota until end-2025.
  - Large natural disaster window:
    - Access up to 80 percent of quota per year and 133 percent of quota on a cumulative basis.
    - Cumulative access limit temporarily raised to 183.3 percent of quota until end-2025.

### Repeat Use and Frequency Limits
- Repeat use within any three-year period is possible if:
  - the balance of payments need is caused primarily by a sudden and exogenous shock, or
  - the need arises in a country which has established a 6-month track record of adequate macroeconomic policies, including through a Staff Monitored Program, prior to the request.
- Frequency limits:
  - No more than two disbursements may be made in any 12-month period.

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_Source: https://www.imf.org/-/media/files/factsheets/english/2025/the-rapid-credit-facility-rcf-2025final.pdf_