IMF Hands El Salvador $138 Million Despite Bitcoin Waivers
El Salvador has received $138 million from the International Monetary Fund (IMF) despite some performance criteria being missed in the country's $1.4 billion financing program. The IMF's Executive Board completed the second and third reviews under El Salvador's 40-month Extended Fund Facility (EFF) arrangement on Thursday.
The IMF granted waivers for not meeting certain performance criteria, including on the Bitcoin accumulation front, based on strong corrective measures and renewed commitments. El Salvador had accumulated 1,090 BTC worth $100 million after the first review in June 2025, sparking questions about compliance with its IMF program.
Despite these concerns, the IMF noted that progress had been achieved in financial sector reforms, fiscal transparency, AML/CFT reforms, and the transfer of majority ownership and control of the Chivo Bitcoin wallet to a private operator.
The IMF stated that efforts will continue to reduce the state's involvement in Bitcoin-related activities, strengthen crypto-asset regulation and governance, and enhance transparency regarding public-sector crypto-asset holdings. The agency also emphasized that no further Bitcoin accumulation is envisaged beyond the documented donations.