The International Monetary Fund (IMF) said that they have started to review Sri Lanka’s request for Rapid Credit Facility (RCF).

"We received a letter from Sri Lanka government about our Rapid Credit Facility, the program, RCF program. So, we are now starting to review it. And we are now discussing with the government whether they want to switch their previous program into our new Rapid Facilities," Director of the Asia and Pacific Department at the IMF Changyong Rhee said.

Rhee further stated that the IMF and the Sri Lankan government will be discussing the matter this week.

He stated this whilst responding to a query during the Asia and Pacific Department Press Briefing of the IMF.

The Rapid Credit Facility (RCF) provides rapid concessional financial assistance with limited conditionality to low-income countries (LICs) facing an urgent balance of payments need.

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.