## Flexible credit line (FCL)

## Source details

**Canonical URL:** [Flexible credit line (FCL)](https://www.imf.org/en/about/factsheets/sheets/2023/flexible-credit-line-fcl)

## Other formats

- [Markdown version](/en/about/factsheets/sheets/2023/flexible-credit-line-fcl/index.md)
- [Structured JSON version](/en/about/factsheets/sheets/2023/flexible-credit-line-fcl/index.json)
- [Bundle manifest](/en/about/factsheets/sheets/2023/flexible-credit-line-fcl/bundle-manifest.json)

## Bibliographic details
- Published: October 6, 2023

---

### Purpose
- The Flexible Credit Line (FCL) is designed to meet the demand for crisis-prevention and crisis-mitigation lending for countries with very strong policy frameworks and track records in economic performance.
- The last update was in April 2025.

### Eligibility
- A sustained track record of implementing very strong policies and continued commitment to maintain such policies in the future.
- In addition to a very positive assessment of the country’s policies in the most recent Article IV consultations, the following criteria are used to assess a country’s qualification:
  - Sustainable external position
  - Capital account position dominated by private flows
  - Track record of steady sovereign access to international capital markets at favorable terms
  - If the arrangement is requested on a precautionary basis: reserve position that remains relatively comfortable, notwithstanding potential balance of payments pressures that justify IMF assistance
  - Sound public finances, including a sustainable public debt position
  - Low and stable inflation, in the context of a sound monetary and exchange rate policy framework
  - Sound financial system and the absence of solvency problems that may threaten systemic stability
  - Effective financial sector supervision
  - Data transparency and integrity
- Strong performance against all the relevant criteria above would not be necessary to secure qualification. However, significant shortcomings on one or more of these criteria —unless there are compensating factors, including corrective policy measures underway— would generally signal that the member is not among the very strong performers for whom the FCL is intended.
- The above criteria are the same as for the Short-term Liquidity Line (SLL).

### Terms
- Repayment
  - (No specific repayment schedule details provided in the factsheet.)
- Interest rate and fees
  - Resources are subject to a commitment fee levied at the beginning of each 12 month period on amounts that could be drawn in the period:
    - 15 basis points for committed amounts up to 200 percent of quota
    - 30 basis points on committed amounts above 200 percent and up to 600 percent of quota
    - 60 basis points on amounts exceeding 600 percent of quota
  - Fees are refunded pro rata if amounts are drawn during the course of the relevant period.
  - If a country borrows the entire amount, the fee is fully refunded.
  - No refund is made when countries do not draw.
  - A service charge of 50 basis points is applied on each amount drawn.
- Access
  - No access cap.
  - Need for resources is assessed on a case-by-case basis depending on the member's actual or potential balance of payments need.
  - Concurrent use with SLL (which share the same qualification criteria) is possible if justified by the nature and magnitude of external risks and potential balance of payments needs.

---

## Content in this bundle

- **The Flexible Credit Line**
  - [The Flexible Credit Line (Markdown version)](/-/media/files/factsheets/english/2025/factsheetthe-flexible-credit-line-fcl2025final.pdf.md){rel="alternate" type="text/markdown"}
  - [The Flexible Credit Line (PDF)](/-/media/files/factsheets/english/2025/factsheetthe-flexible-credit-line-fcl2025final.pdf){rel="external" type="application/pdf"}

---

## References

- [IMF lending](https://www.imf.org/en/About/Factsheets/IMF-Lending)
- [Extended Credit Facility (ECF)](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/21/04/Extended-Credit-Facility)
- [Extended Fund Facility (EFF)](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/20/56/Extended-Fund-Facility)
- [Precautionary and Liquidity Line (PLL)](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/20/45/Precautionary-and-Liquidity-Line)
- [Rapid Credit Facility (RCF)](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/21/08/Rapid-Credit-Facility)
- [Rapid Financing Instrument (RFI)](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/19/55/Rapid-Financing-Instrument)
- [Resilience and Sustainability Facility (RSF)](https://www.imf.org/en/About/Factsheets/Sheets/2022/resilience-and-sustainability-facility-rsf)
- [Short-Term Liquidity Line (SLL)](https://www.imf.org/en/About/Factsheets/Sheets/2020/04/17/short-term-liquidity-line)
- [Stand-By Arrangement (SBA)](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/20/33/Stand-By-Arrangement)
- [Standby Credit Facility (SCF)](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/21/10/Standby-Credit-Facility)
- [Article IV consultations](https://www.imf.org/en/About/Factsheets/IMF-Surveillance)
- [conditionality](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/21/28/IMF-Conditionality)
- [IMF Executive Board](https://www.imf.org/en/About/executive-board/eds-voting-power)
- [Special Drawing Rights (SDR)](https://www.imf.org/en/About/Factsheets/Sheets/2023/special-drawing-rights-sdr)
- [quota](https://www.imf.org/en/About/Factsheets/Sheets/2022/IMF-Quotas)

_Source: https://www.imf.org/en/about/factsheets/sheets/2023/flexible-credit-line-fcl_