In a heavy saucepan, heat oil or butter over low heat, stirring occasionally until melted. Add rice, garlic, lime juice, stir for 1 minute. Add water and salt, bring to a full rolling boil. At boiling, cover, turn down to simmer over low heat until rice is tender and the water is absorbed, about 25 minutes. Fluff rice with a fork. Before serving stir in cilantro and paprika.