El Salvador receives $138 million from IMF after Bitcoin waivers granted — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- IMF approved immediate disbursement of ~$138 million to El Salvador under its $1.4 billion, 40-month Extended Fund Facility arrangement after completing the second and third reviews.
- IMF granted waivers for missed performance criteria — including on Bitcoin accumulation — "based on strong corrective measures and renewed commitments" rather than blocking the payout.
- El Salvador achieved progress on financial sector reforms, fiscal transparency, and AML/CFT compliance, and transferred majority ownership and operational control of the state Chivo Bitcoin wallet to a private operator while retaining a minority stake and custodial duties.
- The IMF stated "no further Bitcoin accumulation is envisaged beyond the documented donations," locking in El Salvador's commitment to halt government-funded crypto purchases.
- Salvadoran authorities supplied documents verifying that Bitcoin accumulation after the June 2025 first review came entirely from private donations, not public funds — following El Salvador's November 2025 claim of acquiring 1,090 BTC worth $100 million.
Why it matters: The IMF disbursed $138 million even though El Salvador missed its Bitcoin accumulation benchmark, signaling the lender's willingness to tolerate partial non-compliance when paired with structural reforms and a verbal pledge to stand down. El Salvador's commitment to halt further government Bitcoin purchases beyond documented donations marks a quiet, conditional retreat from state-level crypto engagement under IMF pressure.
Ask SkimNews
