El Salvador receives $138 million from IMF after Bitcoin waivers granted — SkimNews
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- IMF approved the immediate disbursement of ~$138M to El Salvador after completing the second and third reviews of its 40-month, $1.4B Extended Fund Facility (EFF) arrangement.
- El Salvador received waivers for missed performance criteria—including on Bitcoin accumulation—"based on strong corrective measures and renewed commitments," the IMF said.
- El Salvador committed that "no further Bitcoin accumulation is envisaged beyond the documented donations," per the IMF, alongside continued efforts to reduce state involvement in crypto activities.
- The Chivo wallet had its majority ownership and operational control transferred to a private operator, with the Salvadoran government retaining only a minority stake and custodial responsibilities.
- The IMF verified in September that El Salvador's post-review Bitcoin accumulation—following the country's November 2025 disclosure of acquiring 1,090 BTC worth $100M—was sourced entirely from private donations, not public funds.
Why it matters: The $138M disbursement locks El Salvador into a specific path: no new state Bitcoin purchases beyond documented donations and a privatized Chivo wallet. That functionally walks back the state-led Bitcoin adoption model El Salvador originally championed, with $1.26B of remaining EFF financing now tied to continued fiscal and crypto-discipline reforms.
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