Financial News: The International Monetary Fund (IMF) is starting to review Sri Lanka’s request for Rapid Credit Facility this week, the global lender said.
Responding to media queries at the Asia and Pacific Department press briefing on Wednesday, Changyong Rhee, Director, Asia and Pacific Department of the IMF confirmed that they have received a letter from Sri Lanka government about the IMF’s Rapid Credit Facility (RCF) program.
“We received a letter from Sri Lanka government about our Rapid Credit Facility, you know, the program, RCF program. So, we are now starting to review it,” he said.
Mr. Rhee said they are in discussions with the Sri Lankan government on switching the previous program into the new Rapid Credit Facilities.
“And we are now discussing with the government whether they want to switch their previous program into our new Rapid Facilities. So, we will discuss this, this week.”
Financing under the RCF carries a zero interest rate, has a grace period of 5½ years, and a final maturity of 10 years.