IMF Approves $138M for El Salvador After Bitcoin Waivers
The IMF approved an immediate $138 million disbursement to El Salvador under its $1.4 billion program, granting waivers for missed targets linked to Bitcoin accumulation.
The International Monetary Fund approved an immediate disbursement of about $138 million to El Salvador under the country’s $1.4 billion financing program, despite missed performance criteria linked to Bitcoin accumulation.
The IMF Executive Board completed the second and third reviews of El Salvador’s 40-month Extended Fund Facility arrangement on Thursday. The waivers were granted after the government adopted corrective measures and renewed its commitments under the program.
The IMF recorded progress in financial-sector reforms, fiscal transparency, and measures to combat money laundering and terrorist financing. It also noted that majority ownership and operational control of the government’s Chivo Bitcoin wallet had been transferred to a private operator. The government retained a minority stake and custodial responsibilities.
El Salvador is expected to continue reducing the state’s involvement in Bitcoin-related activities, strengthen crypto-asset regulation and governance, and improve disclosures about public-sector crypto-asset holdings. The program does not envisage further Bitcoin accumulation beyond documented donations.
Documents provided by Salvadoran authorities showed that the increase in the country’s Bitcoin holdings after the first program review came from private donations. The IMF determined that the increase did not involve additional purchases financed with public funds. The first review was completed in June 2025.
The explanation followed El Salvador’s announcement in November 2025 that it had acquired 1,090 Bitcoin worth about $100 million. The announcement raised questions about whether the accumulation complied with the IMF agreement.
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