IMF Pays El Salvador $138M After Waiving Bitcoin Targets

The IMF Executive Board approved an immediate disbursement of about $138 million to El Salvador under its $1.4 billion financing program, even though the country missed some performance criteria. Among them were conditions on state accumulation of Bitcoin.

What the IMF board decided

On Thursday the board completed the second and third reviews of the 40-month Extended Fund Facility (EFF) arrangement, the IMF said in a press release. El Salvador did not meet some performance criteria, but the fund granted waivers citing "strong corrective measures and renewed commitments."

The fund noted progress on financial sector reform, fiscal transparency and anti-money-laundering rules. It also pointed to the transfer of majority ownership and operational control of the government Chivo wallet to a private operator.

The Bitcoin conditions

In its statement the fund said the country will keep reducing the state's involvement in Bitcoin activities, tighten crypto-asset regulation and improve transparency on public-sector holdings. The key line of the document reads: "No further Bitcoin accumulation is envisaged beyond the documented donations."

The fund put a separate emphasis on transparency: information on public-sector crypto holdings should be open.

Where the new coins came from

The accumulation question first came up in November 2025. The country then said it had acquired 1,090 BTC worth $100 million, which raised fresh doubts about compliance with the program. In September 2026 the IMF explained that no budget funds were spent on it.

According to the fund, documents from Salvadoran authorities confirmed that private donations drove the increase in holdings. So these were not new government purchases.

• The disbursement is about $138 million.
• The program totals $1.4 billion over 40 months.
• The state's stake in Chivo is now a minority one, with custodial duties.

What comes next for the program

The decision means financing for El Salvador continues, while Bitcoin stays under the fund's watch. The bitcoin price barely reacts, since the market already follows ETF inflows and Fed data. For Ukrainians weighing whether to sell Bitcoin for hryvnia, the news has no direct effect on the rate.

Future reviews will show whether El Salvador really refrains from new accumulation and how fast the regulatory reform moves.