El Salvador Gets $138M IMF Payout Despite Bitcoin Waiver Misses

The International Monetary Fund approved an immediate disbursement of approximately $138 million to El Salvador under its $1.4 billion Extended Fund Facility (EFF) arrangement, even as the country missed several performance criteria tied to its Bitcoin strategy. The IMF's Executive Board completed the second and third reviews of the 40-month program on Thursday, granting waivers "based on strong corrective measures and renewed commitments" rather than full compliance.

Among the unmet benchmarks were obligations related to Bitcoin accumulation, though the IMF confirmed that El Salvador's post-review gains came entirely from private donations rather than public funds. Documents supplied by Salvadoran authorities verified the source of the new holdings, which included 1,090 BTC worth roughly $100 million that the country disclosed in November 2025. The IMF also acknowledged that majority ownership and operational control of the state-backed Chivo Bitcoin wallet had been transferred to a private operator, with the government retaining only a minority stake and limited custodial duties.

Looking ahead, the IMF stated that El Salvador has committed to scaling back state involvement in Bitcoin-related activities, tightening crypto-asset regulation and governance, and improving transparency around public-sector crypto holdings. No further Bitcoin accumulation is expected beyond documented donations, the agency said, signaling tighter guardrails on the country's signature crypto experiment.

The review marks a notable concession by the IMF, which has historically expressed reservations about Bitcoin's role in a sovereign economy. By unlocking the disbursement despite shortfalls, the Fund appears to be rewarding El Salvador's directional progress on financial sector reform, fiscal transparency, and AML/CFT compliance, even as it presses Nayib Bukele's government to wind down its most visible crypto initiatives.