IMF Grants El Salvador $138 Million, Imposes Bitcoin Reserve Transparency Conditions

El Salvador secured access to $138 million from the International Monetary Fund (IMF) as part of its $1.4 billion loan program. The IMF completed its second and third reviews of the program on October 1, 2026, allowing for the immediate disbursement of SDR 101.96 million, or $138 million. The IMF granted waivers for unmet performance criteria tied to Bitcoin accumulation, but these waivers come with conditions. The government must maintain transparency and document any changes to its Bitcoin reserve, and it must continue to unwind its involvement in the Chivo wallet.

The IMF wants El Salvador to improve disclosure of public-sector crypto holdings and strengthen regulation and governance for digital-asset providers. The government has transferred majority ownership and control of the Chivo wallet to a private operator, but the IMF said remaining public-sector exposure should still be fully unwound. The restrictions on Bitcoin accumulation will continue, limiting the government's ability to expand its reserve while remaining inside the IMF program.

The size of El Salvador's Bitcoin reserve has drawn attention, with about 7,794.37 Bitcoin valued at roughly $666.1 million. The IMF has previously distinguished between Bitcoin acquired with public money and coins received through documented donations. The distinction remains central after the latest review, and reserve balances can still rise without signaling that the government has restarted purchases.

The IMF's review comes as the government faces pressure to improve transparency and accountability in its crypto dealings. The restrictions on Bitcoin accumulation will continue to be a major point of contention, with some arguing that they limit the government's ability to manage its reserve effectively.