The Rapid Credit Facility (RCF)
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The last update was in April 2025
Learn more about IMF lending, or visit our other lending facilities factsheets:
The last update was in April 2025
The Rapid Credit Facility (RCF) provides fast concessional financial assistance to low-income countries (LICs) facing an urgent balance of payments need. The RCF is one of the facilities under the Poverty Reduction and Growth Trust (PRGT) that provide flexible financial support tailored to the diverse needs of LICs, including in times of crisis.
Purpose |
Provide concessional, rapid, and low-access financial assistance to qualifying LICs facing an urgent balance of payments need from a wide variety of circumstances, including external shocks, natural disasters, and emergencies connected to fragility. |
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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. |
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Provide policy support that may help catalyze foreign aid. |
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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). |
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Windows |
Four windows: Regular: Urgent balance of payments needs caused by sources including domestic instability, emergencies, and fragility. |
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Exogenous shock: Urgent balance of payments needs caused by a sudden, exogenous shock. |
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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. |
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*The Food Shock Window expired at end-March 2024. |
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Conditionality |
No ex-post program-based conditionality or reviews, although prior actions sometimes apply. |
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Economic policies should aim at addressing the underlying balance of payments difficulties and support the country's poverty reduction and growth objectives. See more on conditionality. |
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Review
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No reviews |
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Terms |
Duration |
Single Disbursement |
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| Repayment |
Grace period of 5½ years, and a final maturity of 10 years |
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Interest rate |
Tiered interest rate structure effective for all programs approved on or after May 1, 2025.
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| 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 June 2023. A review of the food shock window will also conducted be by the end of December 2025.
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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. No more than two disbursements may be made in any 12-month period. |
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