{"id":101232,"date":"2020-04-17T15:13:30","date_gmt":"2020-04-17T22:13:30","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=101232"},"modified":"2020-04-17T15:13:30","modified_gmt":"2020-04-17T22:13:30","slug":"imf-reviews-sri-lankas-request-for-rapid-credit-facility","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2020\/04\/17\/imf-reviews-sri-lankas-request-for-rapid-credit-facility\/","title":{"rendered":"IMF reviews Sri Lanka\u2019s request for Rapid Credit Facility"},"content":{"rendered":"<h2><span style=\"color: #0000ff;\"><em>Courtesy Adaderana<\/em><\/span><\/h2>\n\n\n<p>The International Monetary Fund (IMF) says it is reviewing a request from the Sri Lankan government regarding a Rapid Credit Facility and is discussing whether Sri Lanka wants to switch to the new RCF program.<\/p>\n\n\n\n<p>We received a letter from Sri Lanka government about our Rapid Credit Facility, you know, the program, RCF program,\u201d said Mr. Changyong Rhee, the Director of the IMF\u2019s Asia and Pacific Department.<\/p>\n\n\n\n<p>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,\u201d he said.&nbsp;<\/p>\n\n\n\n<p>Mr. Changyong Rhee stated that the IMF and the Sri Lankan government will be discussing the matter this week.<\/p>\n\n\n\n<p>He stated this while responding to a question during the Asia and Pacific Department Press Briefing of the IMF.<\/p>\n\n\n\n<p>According to the IMF website, 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.&nbsp;<\/p>\n\n\n\n<p>The RCF was created under the Poverty Reduction and Growth Trust (PRGT) as part of a broader reform to make the Fund\u2019s financial support more flexible and better tailored to the diverse needs of LICs, including in times of crisis.&nbsp;<\/p>\n\n\n\n<p>The RCF places emphasis on the country\u2019s poverty reduction and growth objectives.<\/p>\n\n\n\n<p>Financing under the RCF carries a zero interest rate, has a grace period of 5\u00bd years, and a final maturity of 10 years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Courtesy Adaderana The International Monetary Fund (IMF) says it is reviewing a request from the Sri Lankan government regarding a Rapid Credit Facility and is discussing whether Sri Lanka wants to switch to the new RCF program. We received a letter from Sri Lanka government about our Rapid Credit Facility, you know, the program, RCF [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102],"tags":[],"class_list":["post-101232","post","type-post","status-publish","format-standard","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/101232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=101232"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/101232\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=101232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=101232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=101232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}