IMF approves about $138 million disbursement to El Salvador despite missed criteria

The International Monetary Fund approved an immediate disbursement of about $138 million to El Salvador under the country's $1.4 billion financing program. The IMF said its Executive Board completed the second and third reviews of El Salvador's 40-month Extended Fund Facility arrangement on Thursday. The IMF granted waivers for missed performance criteria, including on Bitcoin accumulation, based on strong corrective measures and renewed commitments.

The IMF noted progress in financial sector reforms, fiscal transparency, and reforms to combat money laundering and terrorist financing. The IMF also noted progress in transferring majority ownership and control of the government Chivo Bitcoin wallet to a private operator. The IMF said majority ownership and operational control had transferred, while the government retained a minority stake and custodial responsibilities.

The IMF said efforts will continue to reduce the state's involvement in Bitcoin-related activities. The IMF said efforts will also continue to strengthen crypto-asset regulation and governance and improve transparency regarding public-sector crypto-asset holdings. The IMF said no further Bitcoin accumulation is envisaged beyond documented donations.

The IMF said El Salvador used no public resources to accumulate Bitcoin after the first review of its financing program in June 2025. The IMF said documents supplied by El Salvador's authorities verified that the accumulation came from private donations. The IMF said the increase in El Salvador's holdings therefore did not reflect additional Bitcoin purchases financed with government resources. El Salvador said in November 2025 that the country had acquired 1,090 BTC worth $100 million, renewing questions about compliance with the $1.4 billion IMF program. The IMF's explanation addressed how El Salvador's holdings grew after the first review.