The RFI is a lending facility of the IMF that provides emergency assistance to member countries. The rapid financial assistance is provided with limited conditionality to all members facing an urgent balance of payments need. Access under the RFI is subject to an annual limit of 50 percent of quota and a cumulative limit of 100 percent of quota. Emergency loans are subject to the same terms as the FCL, PLL and SBA, with repayment within 3¼–5 years.
The Rapid Credit Facility (RCF) provides rapid concessional financial assistance to low-income countries (LICs) facing an urgent balance of payments (BoP) need with no ex post conditionality where a full-fledged economic program is neither necessary nor feasible. The RCF was created under the Poverty Reduction and Growth Trust (PRGT) as part of a broader reform to make the Fund’s financial support more flexible and better tailored to the diverse needs of LICs, including in times of crisis. There are three windows under RCF: (i) a “regular window” for urgent BoP needs caused by wide range of sources including domestic instability, emergencies and fragility; (ii) an “exogenous shock window” for urgent BoP needs caused by a sudden, exogenous shock; and (iii) a “large natural disaster window” for urgent BoP needs arising from natural disasters where damage is assessed to be equivalent to or exceed 20 percent of the member’s GDP. Access under the RCF is subject to annual and cumulative limits, with higher access limits applying for the large natural disaster window. For higher income countries that are non-PRGT eligible, a similar Rapid Financing Instrument (RFI) is available.